Sources Say Soundcloud Is Close To Selling Majority Stake In Company

According to a report released by Bloomberg yesterday, Soundcloud is close to selling a majority share of its company to two separate private equity firms.

The insider source, who wished to remain anonymous when speaking of private transactions, said that the two separate deals would amount to a majority share in the streaming service and would likely allow the platform to continue operations for the foreseeable future. The names of the firms or the size of the transaction weren’t disclosed.

Though talks are reportedly at an “advanced stage,” they have not been signed into effect and thus still stand a chance of falling apart.

It was barely more than two weeks ago that many people considered Soundcloud to be at death’s door, with reports of the service having only 50 days of actionable money to continue operations. That figure was largely dismissed by Soundcloud co-founder Alex Ljung.

Regardless, Soundcloud is still showing tens of millions in losses and recently laid off 40% of its staff, closing offices in London and San Francisco.

 

via Bloomberg

This article was first published on Your EDM.
Source: Sources Say Soundcloud Is Close To Selling Majority Stake In Company

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