Shiny Media, the UK’s answer to Gawker, has ceased operation.

Sadly it seems it is officially over for UK based blog network Shiny Media who this morning officially went into administration.

Techcrunch Europe reports that co-founder Katie Lee who left the company in February has tweeted about the news today. The news was first revealed by Blog Herald writer Andy Merrett, an Ex-Shiny Media writer.

It’s a disappointing end to a company who had great ambitions, taking in $4.5 million in funding in 2007 from Bright Station Ventures, less than 3 years ago.

The company launched in 2004 with three high profile journalists; Chris Price, Katie Lee and Ashley Norris. Norris, left in 2008 and wrote a controversial piece on Techcrunch Europe discussing why blog publishing had already failed in the UK. Katie Lee left in February of this year, but continued to freelance for the company, leaving Chris Price to struggle through.

Sadly, it seems Price was unable to contain the company through the tough economic period and the company has now officially ceased to operate. There have been reports an acquisition of some sort has already been made, which could see the company continue in some form, but nothing confirmed just yet.

*Update*

Co-Founder Chris Price has sent in a memo to paidContent:UK with the following information:

“The truth is that trading was extremely difficult and the position of the bank with regards to renewing the overdraft were very unfavourable. The assets – including all websites with the exception of Bag Lady and Shoewawa – have been bought by a new company, Shiny Digital, of which I am a shareholder,” Price wrote.

According to Companies House, the new company counts as equal shareholders Shiny Trends (an outfit incorporated by Shiny co-founders Price, Ashley Norris and Katie Lee last year) and Cansas Digital Ventures (a new registered name for Shiny Media’s venture funder Brightstation since August 2007).