A flurry of rumors have surrounded the failed video app start-up Color over the past 24 hours. First a rumors hit that Color was going to completely shutdown after failing to gain widespread use after a year. A few hours later a second rumor claimed that Color wasn’t shutting down, they were just being bought by Apple.
It appears that both rumors were completely wrong and sort of right at the same time. Color – as a company – isn’t being purchased by Apple for an eight figure sum, but Apple is buying Color’s team of 20 engineers for a modest figure of $2 million to $5 million.