MobiTV has decided against going public for now.
In a year that saw the likes of Facebook, Millennial Media, and other powerhouse players in the mobile and digital space go public, MobiTV – according to a report Monday from Bloomberg – has determined that market conditions are not optimal for an IPO at this time.
The Emeryville, California-based company, which filed for a $75 million IPO in August, requested in a letter to the U.S. Securities and Exchange Commission yesterday that the filing be withdrawn immediately.
And for the most part, market analysts say the move is likely a smart one.
“The actual appeal of what they have to offer from a consumer’s viewpoint is relatively low,” said Charles Golvin, an analyst covering mobile technology at Cambridge, Massachusetts-based Forrester Research Inc. “People have a relationship with Netflix, they’ve got their preferences managed on Netflix, they get a lot of the content they want on Netflix and they’re comfortable with that.”
MobiTV’s initial IPO filing came almost one year ago in August 2011.
