Roger Simon, in his excruciatingly finite wisdom, decides to change Open Source Media back to Pajamas Media due to the fact he and his entire company committed faux pas after faux pas after they launched. Good thing they paid a pretty penny for the three-character domain name and branding which is now all out the window and dead on the sidewalk.
Their write-up about the switch sounds so terribly fake and highschool-ish that I almost feel bad for the investors who poured $3.5M into the company, only to watch them fuck themselves repeatedly all over the blogosphere. How can investors give a few guys 7 figures and not Google the damn name “open source media” and see that somebody else already has that name? Did their due diligence include sitting blindfolded while Roger Simon procured their checkbook and wrote himself a check for whatever he wanted?
I don’t think uninformed investors are the signs of a bubble, but it really has to make you wonder what OSM/Pajamas was even thinking, what their investors were thinking, and what any of their paid bloggers was thinking about this fiasco. Not only did Open Source Media stumble and fall, they happened to be on the top of the longest staircase on the planet and managed to hit their forehead on every stair corner on the way down. I doubt that the name change will ever bring them back from this massive screw up.
Personally I think this version of their press release is more appropriate.