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Report: Record Labels Paid $12.4 Million for 18% Spotify Stake

Authored by Mark Hefflinger on August 10, 2009 - 10:49am.
Palo Alto, Calif. - Spotify, the European ad-supported streaming music service preparing for a U.S. launch, has sold a 17.3% stake in the company for about $12.4 million to the four major record labels and independent label aggregator Merlin, TechCrunch reported.

The report cites an "unverified capitalization table" obtained from a filing in Luxembourg, where Spotify is based.

The obtained document shows that Sony BMG owns 5.8% of Spotify, compared with 4.8% for Universal Music; 3.8% for Warner Music; 1.9% for EMI; and 1% for Merlin.

Spotify has to date raised about $31 million in venture capital financing, and is reportedly raising another $50 million round at a $250 million valuation.

 

Related Links:
http://snipurl.com/plzwo (TechCrunch)

http://www.spotify.com

Published in DMW Daily, August 10, 2009
tags: Deals | Advertising | Music | Universal Music | Sony BMG | Warner Music | EMI | Investments | Merlin | Spotify |



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