Soundcloud for sale for $1 billion +

[ignatius]

lmao. who's gonna pay for that? it'd be like buying a broken boat. 

https://ra.co/news/80033

Quote

Music streaming giant SoundCloud is up for sale, Sky News reports. The deal is currently being handled by US merchant bank The Raine Group and Singaporean state investment fund Temasek Holdings, which both invested in SoundCloud in 2017. According to Sky News, the two companies have started interviewing investment banks about a prospective sale later this year. SoundCloud is expected to fetch in excess of $1 billion. News of the sale speaks to a turnaround in SoundCloud's fortunes in recent years. Before $170 million arrived in 2017, the company was facing huge debts and an uncertain future. But while the finances are more stable now under latest CEO Eliah Seton, there have still been staff lay-offs—20 percent in August 2022, followed by another eight percent in May 2023. Since launching in Berlin in 2007, SoundCloud has hosted 320 million tracks from more than 40 million artists. Resident Advisor has approached SoundCloud for comment. We'll report more on this story as it unfolds.

 

[toaoaoad]

Maybe musk will buy it

[DavieAddison]

20 minutes ago, toaoaoad said:

Maybe musk will buy it

And force that shitty song he made onto everyone's feed

 

[iococoi]

Quote

Tuesday, Jan. 9

Tom Sansone has been named SoundCloud‘s new chief financial officer/chief operating officer, it was announced Tuesday by CEO Eliah Seton.

“Tom is a proven global executive with a highly differentiated and relevant skill set that includes accelerating business transformation, establishing operational and financial discipline and executing strategic alternatives,” said Seton in a statement. “Now that we are a profitable growth company and in control of our own destiny, Tom will be a key partner in helping us realize SoundCloud’s unique opportunity and industry-changing vision.”

Sansone brings more than 20 years of global financial and operational experience. For the last seven years, Sansone served as CFO of Kobalt Music Group where he was a key architect of the company’s restructuring and profitable growth and capital planning. Before that, Sansone was COO and CFO of Gilt Groupe.

Sansone will now help drive the execution of SoundCloud’s operational rigor, corporate development, mergers and acquisitions, in addition to assuming responsibility for its financial performance and capital structuring. He will report directly to Seton.

Added Sansone, “I am passionate about helping businesses realize their potential and am incredibly excited about the opportunities for SoundCloud. The evolution of the business has been exciting to see and the company remains one of the most trusted brands for creators and super fans of music discovery. I’m looking forward to working with an incredible leadership team and Board to execute on the strategy to empower artists and fans to share and connect through music and to build on our strong financial footing.”

 

[iococoi]

thats interesting. i was looking up this kobalt music group mentioned above...just recently they had a big merger/take-over going on.. with pending acquisitions in the planning

Quote

“We believe Kobalt is and should be the premier platform for independent creators, and we look forward to helping them achieve this both organically and inorganically,” he said. ‘Inorganically’ hints at an appetite for acquisitions in the months ahead.

from

https://musically.com/2022/09/08/investment-firm-francisco-partners-buys-controlling-stake-in-kobalt

additional

https://www.musicbusinessworldwide.com/kobalt-music-group-sold-to-us-based-private-equity-firm-francisco-partners/

 

[iococoi]

talk about "fall into place"

Quote

Music streaming service SoundCloud signed a sublease with Kobalt Music Group for 23,000 square feet on the entire sixth floor of William Kaufman Organization’s 2 Gansevoort Street, according to sources with knowledge of the deal.

https://commercialobserver.com/2023/11/soundcloud-lease-2-gansevoort-street/