Fake News Titan Staggers [1]
Submitted by Bob Burton [2] on
Medialink Worldwide [3], the largest producer of fake news [4] products such as video news releases [5] (VNRs) and audio news releases [6] (ANRs), is teetering on the brink of collapse. In its latest annual report, the company reports that it had an operating loss of over $8.2 million in 2008 and "expects to incur operating losses in 2009 as revenues continue to decline in the current economic climate." The company states that it will continue cost-cutting measures and that is "is looking for "additional financing or investment from potentially interested third-party investors or buyers." However, it warns that unless it can raise additional funding it may not survive. O'Dwyer's PR Daily notes [7] (sub req'd) that the company's external auditor, KPMG, stated that "these factors raise substantial doubt about the Company's ability to continue as a going concern.” Over the last year, the company's share price has collapsed from [8] $1.21 to trade at around 13 cents.