Misery Loves Company: 38 Studios, AEB, and WFNX
OK, listening to Morphine’s “Cure for Pain” on Julie Kramer’s very last Leftover Lunch show on WFNX pushed me over the edge. In case you missed the news amid all the Facebook hoopla, Boston alternative music station WFNX is being bought by Clear Channel, and most of the staff is being laid off. The old WFNX will be missed. I think I first heard Nirvana on that station in 1991, or maybe it was in HMV (not).
Here’s more bad news from around our region:
—38 Studios, the Curt Schilling-led video game company that moved from Massachusetts to Rhode Island in 2010, is in as-yet-unspecified trouble as it tries to repay loans to the state. The company received $75 million in loan guarantees from Rhode Island, in a deal that is now being scrutinized.
—Advanced Electron Beams of Wilmington, MA, is shutting down, as first reported by Dan Primack (more details and context here). The industrial tech company, which started in 1999, raised more than $50 million since 2005 from the likes of Atlas Venture, General Catalyst, and Flagship Ventures. My colleague Erin wrote about the firm in the summer of 2010.