Los Angeles - Music-focused online social network Imeem is laying off 25% of its 80-person staff, and has hired the investment bank Montgomery and Co. to explore a possible sale of the company, PaidContent reports. The Palo Alto, Calif.-based company confirmed layoffs for Silicon Alley Insider, but would not comment on the sale rumor.

To date, Imeem has raised over $50 million in funding, from investors including Sequoia Capital and Warner Music Group.

The company, which counts 30 million registered users, has licenses from all four major labels and many independents to offer free, ad-supported streaming music.

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