Minute Media’s $250 Million VideoVerse Deal Unravels Amid Fraud Claims
Minute Media unwinds its $250 million VideoVerse deal as investors and creditors allege fraud, forged documents and tens of millions in missing funds.
Summary
Minute Media, a New York and Tel Aviv sports publisher, announced its $250 million VideoVerse acquisition in September 2025 to take the Indian startup’s AI clipping software into international sports and the U.S. Less than a year later, investors remain unpaid. In May, Minute Media terminated the contract over major discrepancies in VideoVerse’s representations and said both remained separate legal entities after closing. Founder Vinayak Shrivastav faces multiple cases over tens of millions of missing dollars and disputed liabilities.
Bluestone Capital, which backed VideoVerse’s 2023 round, alleges fraud, investment term breaches and withheld acquisition proceeds. Another creditor seeks $64 million from a post-closing loan and says Shrivastav used fraudulent merger papers to secure Clippings shareholder approval. Former COO Sabya Das alleges Shrivastav forged his signature on loan and share repurchase agreements, extracted tens of millions, and arranged secondary sales and a confidential high-interest loan.
In October, Shrivastav arranged a $55 million structured loan from Lingotto, purportedly to repay an earlier creditor, after the merger was announced at more than four times that sum. Lingotto says $53 million entered a Clippings-controlled account on October 1, but documents purportedly signed by Minute Media’s CEO were forged and bank balance screenshots fabricated. A $4 million March 31 installment went unpaid; accelerating the loan with interest exposed other unpaid creditors, including an overdue Bluestone loan settled months earlier. Shrivastav was out as CEO by the end of April and did not respond to TechCrunch as of August 12, 2026. Minute Media, Lingotto and Bluestone seek restitution in Delaware Chancery Court; Das’s complaint lists Palm Jumeirah, Dubai, as Shrivastav’s latest address. VideoVerse’s Magnifi uses AI and human support to identify moments such as every three-point shot for social clips used by the Indian Premier League, FIFA+ and Nippon TV in a billion-dollar industry.
Positives
- Magnifi combines AI with human support to extract notable players and moments from long-form sports broadcasts.
- The Indian Premier League, FIFA+ and Nippon TV adopted VideoVerse’s automated clipping technology.
- The $250 million September 2025 deal aimed to expand VideoVerse from India into international sports and the U.S.
- Minute Media terminated its engagement in May after discovering major discrepancies in VideoVerse’s representations.
- Minute Media, Lingotto and Bluestone are pursuing restitution through Delaware Chancery Court.
Risks & concerns
- VideoVerse investors remain unpaid less than a year after the announced $250 million acquisition.
- Lingotto alleges documents attributed to Minute Media’s CEO were forged and screenshots of bank balances were fabricated.
- A $4 million payment due March 31 was missed after Lingotto transferred $53 million to a Clippings-controlled account.
- Bluestone Capital alleges fraud, investment term violations and failure to distribute acquisition proceeds.
- Sabya Das alleges Shrivastav forged his signature and extracted tens of millions through loans and share repurchases.
- Tens of millions of dollars are missing while creditors dispute where the money went and how much each is owed.
