SoundCloud is said close to sale of stakes to Raine, Temasek
SoundCloud is close to selling stakes to the Raine Group and Temasek, deals that would help stabilize the owner of the popular music-streaming service
Los Angeles: SoundCloud Ltd is close to selling stakes to the Raine Group and Temasek Holdings, deals that would help stabilize the owner of the popular music-streaming service, according to people familiar with the matter.
The deal with Raine, a boutique bank that invested in Vice Media Inc. and advised Softbank Group Corp. on its acquisition of Sprint Corp., could close by the end of this week, said the people, who asked not to be identified discussing private negotiations. Temasek is Singapore’s state investment firm.
Terms of the deals weren’t immediately available. Bloomberg reported late last week that SoundCloud was in talks to sell stakes to two firms. Billboard reported the Raine Group’s talks with SoundCloud earlier Tuesday.
Beloved by musicians and young music fans, SoundCloud has attracted more than 175 million users with rough cuts from famous artists and mixes from unknown DJs. Yet SoundCloud, founded in Stockholm and now based in Berlin, has failed to generate much money from those users.
The company has explored selling itself, and has been talking to several parties about raising money to sustain operations. SoundCloud laid off 40% of its staff earlier this month, and closed offices in San Francisco and London. Bloomberg
Editor's Picks »
- Modi slams opposition, refers to Rahul’s ‘unwanted hug’ at Shahjahanpur rally
- Gold price maintains uptrend on global cues, jewellers’ buying
- Sky is Comcast’s final prize as Disney battle approaches endgame
- Donald Trump and the US dollar: Actions speak louder than words
- Jagan Reddy calls Andhra bandh on 24 July over special status
- What ABB India’s performance in June quarter says about capex growth
- Bajaj Finance does well in Q1 even as competition hots up
- Kotak Mahindra Bank: The perils of being priced to perfection
- Higher cane price crushes hopes of sugar mills
- Market optimism before 2019 general election: History may not repeat itself