PointCast founder Chris Hassett has hired New York-based investment banker Sands Brothers in a bid to become the majority owner of PointCast, according to a statement from Hassett.
The company initially flourished thanks to popularity of the push technology it used to broadcast information to users over the Internet. However, as push popularity waned, PointCast ran into some trouble, canceling its initial public offering last July and reshuffling its senior management team last October. Based in Sunnyvale, Calif., PointCast delivers personalised news and information via the Net.
Hassett founded PointCast in 1992 but left the company in 1997 and later formed PrizePoint Entertainment, an Internet entertainment programming company, he said. During his tenure at PointCast, Hassett was its chairman, CEO and president.
Pundits have already asked why Hasset should go back to a company and business concept that has failed to find a market? One clue may be in the quote Hassett gave News.com: "If we invest in the company, we'd look to bring in additional management from a publishing background to get the company on track. I've already talked to some media [executives], and they're ready to come in pretty quickly." In other words, a big media company buyout in whole or part could loom as an exit strategy.
Hassett plans to start due diligence this week, he told News.com, and could soon announce details of the investment team he's putting in place.