Janko Roettgers, reporting for Variety: San Francisco-based BitTorrent Inc. is set to shut down its P2P-powered live TV streaming service BitTorrent Live in the coming weeks, Variety has learned. Most of the 10-person team behind the live streaming service is expected to leave the company by the end of this week. The closure of Live comes after BitTorrent unsuccessfully tried to raise money to spin out the service into a separate company. It’s also just the latest twist in a long corporate drama. Last year, two outside investors took control of BitTorrent, spent millions of dollars on an expensive expansion into the media space and promptly got themselves fired. BitTorrent has since rehired its former COO Rogelio Choy as its new CEO, and is now looking to focus on its core products. As part of that realignment, the company was looking to turn Live into a separate, venture-funded entity, but raising money for it proved challenging.
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