Individual acquired Freeloader last year for an estimated $38 million. But it struggled to find a positioning for the company, founded by Mark Pincus and Sunil Paul. Individual said the closure of the service will reduce its operating expenses by about $1 million per quarter.
Individual said it will keep a few Freeloader staffers on to work with a new broadcast applications group. Mark Langley will manage the efforts as director of personal broadcast technology; he had been a program manager with MSNBC.
Copyright May 1997, Crain Communications Inc.