Madonna Webcast company hits the wall

Receivers called in

(Update: MediaWave not dead after all

The company behind the much-hyped Webcast of a Madonna London gig (the "biggest ever global Net event"), MediaWave, has gone into receivership.

An announcement on the company's Web site today says: "MediaWave today announced it had brought in receivers PWC to assist in its current refinancing round. The company has been the most innovative in the streaming media industry since 1995..." etc etc.

CEO Chris Frampton has not given up the ghost though and despite a failure to find a backer this time round, says he intends to refinance and rebuild MediaWave "to be stronger and more aggressive than we ever were before".

He continues: "I would like to thank all our customers for their support over the years and would like to reassure everyone that we will be making every effort to ensure continuation of service."

MediaWave was involved in a number of high-profile Net-based events, including the Madonna gig. In connection with MSN, it also helped Webcast Elton John and Robbie Williams concerts, as well as the more dubious A-ha "eagerly anticipated homecoming concert". It also helped the Scottish Parliament Webcast its proceedings. ®

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