GoFish announces it has terminated the company’s agreement to acquire Bolt. GoFish announced its intention to acquire Bolt Media, subject to certain closing conditions. One of these conditions was that Bolt Media finalize a definitive settlement to the outstanding copyright infringement lawsuit filed against it by UMG Recordings Inc. and settle comparable potential claims from other record labels and music publishers, subject to financial parameters acceptable to GoFish. Bolt Media was ultimately unable to reach a definitive settlement within these agreed upon parameters.

As the overhanging lawsuits against Bolt represent too much of a liability for GoFish at this stage of the company’s growth, GoFish’s board of directors and its management have decided not to proceed with the merger.

No termination or other fee will be payable in connection with the deal’s cancellation.

“After concerted efforts to reach a viable economic settlement with the music industry, we concluded that Bolt’s potential liabilities would be too difficult for GoFish to absorb at this time. While we have determined that this merger no longer makes strategic sense for GoFish, we will continue to weigh business opportunities based on their ability to deliver meaningful returns for our shareholders,” commented Tabreez Verjee, president of GoFish.

“GoFish remains firmly focused on delivering the most compelling, original video content on the Internet,” says Michael Downing, CEO of GoFish. “As part of our strategy to expand the GoFish Network, we continue to explore revenue generating opportunities through partnerships, mergers and acquisitions.”