MySpace, on the prowl for iMeem
They say a fool and his money are soon parted and with that in mind comes the news Rupert Murdoch is apparently on the verge of scarfing up iMeem.
His ailing MySpace is in “late stage negotiations to acquire music streaming service iMeem,” says TechCrunch, also noting, “MySpace is on a bit of an acquisition spree — they acquired iLike, another music service, three months ago.”
The acquisition hasn’t been finalized and “awaits approval from various stakeholders,” says the story, adding:
“We don’t know the price of the acquisition, but this isn’t going to be a big win for investors. iMeem has raised at least $25 million (that we’ve been able to track) plus at least another $10 million in debt. But the difficultly in making a free streaming music service work as a business model forced them to make some hard decisions.”
iMeem is, of course, aso the owner of Snocap, the DRM creation of Napster inventor Shawn Fanni
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