New York - The owners of Sterogum, an indie music blog founded in 2003, have exchanged their equity stakes in the venture for a share of music-focused social network Buzznet, in a deal that valued Stereogum at around $5 million, The New York Post reported.

Stereogum is co-owned by founder Scott Lapatine, former AOL COO Bob Pittman and former MTV Networks chief digital officer Jason Hirschhorn.

A source told The Post that the deal did not represent an outright sale of Stereogum, or a move by its owners to cash out.

Related Links:
http://snipurl.com/1uxcv (N.Y. Post)

http://www.buzznet.com

http://www.stereogum.com