August 26, 2011
Media Monitoring Firm VMS Shutters Operations, Declares Bankruptcy
In a long-anticipated move, VMS, whose primary ownership is held by Robert Waggoner, also the majority shareholder in media services company BurrellesLuce, has ceased its operations as of 5 p.m. today.
Despite substantial penetration in the broadcast video monitoring business in the early 2000s, VMS had struggled over recent years to define its brand and its product line. In the face of the recession and plummeting sales, the company also faced heavy competition from a range of broader-based services, which offered monitoring of print, online and social media, in addition to video.
In an effort to turn the company around, VMS introduced new product suites designed to allow clients to monitor a wide range of media types. When the company's new flagship Insight service failed to gain market traction, Waggoner in 2010 brought in a new management team, including president David Stephens, sales vice president Roy McInnis, marketing director Darren Drevik and, in July of this year, David Evans as senior vice president of news sales.
The company made the following statement today:
On Friday, August 26, VMS filed into Chapter 7 liquidation with the United States bankruptcy court for the southern district of New York. Unfortunately, all VMS staff have been terminated. The court will appoint a trustee to manage VMS affairs. We anticipate the trustee will make future communications with customers.
VMS wants to thank its loyal customers, suppliers and staff for their loyal support. Thank you.
The Daily 'Dog will report further details as they become available.