“You’d be forgiven if you were confused by the swirl of stories around the social video start-up Color in the past 24 hours” Liz Gannes and John Paczkowski report for AllThingsD. “Now, having talked with numerous people about the situation, here is a storyline that actually checks out.”
“What’s really happening is that Color’s engineering team — about 20 people, comprising almost the entire company — is being ‘acqhired’ by Apple at what’s being called a ‘nominal’ price of something like $2 million to $5 million, according to multiple sources familiar with both sides of the situation,” Gannes and Paczkowski report. “Apple is not buying Color’s technology, intellectual property, domain names or liabilities. Those are being left with the company, which still has considerable cash in the bank — something like $25 million — and is going to be wound down.”
Gannes and Paczkowski report, “There seems to be more bad blood than agreement between Color employees, Nguyen, former Color employees, Color investors and Apple, which is why you’re seeing all these conflicting stories.”
Read more in the full article here.
[Thanks to MacDailyNews Readers “Fred Mertz” and “Dan K.” for the heads up.]
Apple acquires Color Labs, sources say – October 18, 2012