Popular technology news blog TechCrunch.com is reporting today that Portland based Splashcast Media is looking for a buyer. Like Vidoop, Splashcast has reportedly failed to close a second round of funding to keep the company stable.

There is still some uncertainty over whether or not Splashcast is selling their entire business or only a portion so that they can focus on their recently announced product named “Chatter” which brings a social element to mainstream video viewing. One thing that we do know is that their flagship product, a user generated media player, has been shut down. This isn’t a surprise to customers and industry experts. A year ago they started offering professional content and back in February they announced a plan to eliminate the “free” version of their original product.

The idea behind their latest product “Chatter” is to effectively put a live message board next to online video. Imagine watching Lost and being able to chat with other viewers in real time. They already have partnerships with big players like Hulu and Sony, making available shows like 24, Fringe, The Simpson’s and The Daily Show with Jon Stewart.

Splashcast Media is a two year old company, headquartered in downtown Portland, with an estimated 8 employees.