Joost is leaving the world of online video—at least as far as regular video consumers are concerned. Instead, the company will focus on selling branded services to media companies and plans to restructure the company.

By Jacqui Cheng | Last updated July 1, 2009 1:18 PM CT

Joost, the P2P online video service once hailed as the new way to watch TV, has announced that it's ditching its consumer video offerings. Instead, the company plans to offer services to other media companies—such as cable and satellite providers—as a "white label video platform." The company will be doing quite a bit of restructuring in order to accommodate its new role by shedding employees and replacing its CEO.

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