NASDAQ-listed Quokka Sports, the Australian company that provided the first Internet sports coverage that beat television, has gone bankrupt after burning through A$100m in seed money. News reports quoted founder Alan Ramadan as blaming the fall of the five-year-old San Francisco-based company on a “dramatic downturn in advertising” and the lack of high-speed cable networks that would give Internet coverage of sports events the same quality as television coverage. Valued at over A$1bn two years ago, Quokka’s only valuable assets now are its hardware and website addresses golf.com and nbcolympics.com.
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