SoundCloud Isn't Going Anywhere - And A New CEO Is Taking The Reins

Krales  The Verge

Krales The Verge

The two companies backing the new round of investment are The Raine Group, an worldwide merchant bank, and Temasek, a Singapore-based investment company. Ljung will be replaced by Kerry Trainor (who also takes a seat on the board), former CEO of Vimeo.

"Financing of this size will enable to Company to pay off its remaining debt", says the Axios report, "while ensuring a strong, independent future". If they agree, Soundcloud gets its new investment: $169.5 million at a pre-money enterprise valuation of $150 million.

SoundCloud last reported some 170 million users. However, management at the firm insisted that it had a long-term future as an independent entity, suggesting talks to sell the business outright to another digital company - such as Spotify or Deezer - were now off the agenda.

Federal Bureau of Investigation uncovers IS scheme to transfer money to United States via eBay
The report shows growing concern among investigators about more frequent use of online platforms by terrorist organizations. PayPal told the WSJ that the holding " invests significant resources " into reporting suspicious activity.

Trainor has 20 years of experience working with music and video streaming products, most recently as Chief Executive Officer of Vimeo where he led the video platform through its largest expansion in usage, revenue and shareholder value.

In July, SoundCloud fired 173 employees or 40 percent of the total and closed its London and San Francisco offices to focus on Berlin and NY. In a blog post, Ljung said about the deal, "You've told me how, without SoundCloud, there would be a giant gaping void in today's world of music".

SoundCloud founder and former CEO Alexander Ljung has agreed to step aside to become chairman of the board, it said.

Ramil Guliyev Ruins Wayde Van Niekerk's Double Dream
This was Guliyev's night, and he celebrated with both Turkish and Azerbaijani flags in his hands. But with all eyes elsewhere, Guliyev ran his own race and earned the ultimate prize.

SoundCloud, an online network for sharing and enjoying music, had been crashing.

All this comes as reports emerged of SoundCloud's internal financial struggles, which saw the company lay off 40 percent of its staff, cutting 173 of its 420 employees early last month.

"SoundCloud is a unique and essential music platform for new and developing artists", said Fred Davis, Partner at Raine. "SoundCloud can do more".

SNL's 'Weekend Update' Unloads on Trump's Kids and Anthony Scaramucci In Primetime
Weekend Update Summer Edition is what it is-nothing more than a short segment padded into a full 30 minutes. But at least it's not trying to pretend it's anything that its not.

The investment came with a major organizational change.

Recommended News

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.