Sources tell me that in an all-staff conference call on Wednesday, June 13, 2018, Nick Evans-Lombe and Adrian Murrell informed the
SilverHub.Media staff that the company would be going into administration, the UK version of bankruptcy protection.
So far nothing official has been listed with
Companies House in the UK, but it sometimes takes a couple weeks for such news to show up there.
The staff was also told that all dealings between Shutterstock and Splash have ceased, but that Splash will continue to be operated by Evans-Lombe and Murrell.
On December 7, 2016 I reported that
Rex Features (owned by Shutterstock) lent Silverhub the money to purchase Splash from Branded Entertainment Network (formerly part of Corbis). In return Rex Features received very extensive control over the activities of Silverhub with regard to certain unspecified assets.
It is unclear why after only 18 months Splash was unable to produce enough revenue to make Shutterstock want to keep it as part of its continuing efforts to grow editorial sales for its business.
A Shutterstock spokesperson said, “"Shutterstock has distributed, and continues to distribute, Silverhub content."