A recent report that digital-studio All Def Digital was shutting down was denied by the company, which said it was “reorganising in advance of a strategic deal”. Now there’s some more news on the company originally founded as a multi-channel network by music-industry veteran Russell Simmons. It’s not good news, mind: Billboard reports that All Def Digital has filed for an assignment for the benefit of creditors (ABC) – an alternative to bankruptcy, but which is often the prelude to either selling a company or closing it down.
The report also offers the tales of some disgruntled freelancers who are still owed money by All Def Digital, and who are concerned about the likelihood of getting paid.
In its past, All Def Digital had a deal with Universal Music to set up a YouTube-focused label (All Def Music); worked with Samsung on a year-long talent-spotting initiative called ADD52; raised $5m of funding in 2014 and then another $10m in 2016; and moved into longer-form production of shows and films, including ‘Traffic Jams’ for Spotify in 2017. However, its CEO Sanjay Sharma stepped down in 2017, while Simmons also stepped down from various businesses he’d founded that year, following allegations of sexual assaults.