11/20/2009 (9:24 pm)
MySpace buys imeem
Financially troubled San Francisco streaming music service imeem Inc. has been acquired by MySpace, according to numerous reports.
CNET News quoted sources valuing the deal at $8 million, with a $1 million payment in cash together with earn outs and accounts receivable. The company had raised more than $30 million in venture funding, according to CNET.
At least half of the company's 55 employees will lose their jobs as as a result of the acquisition, sources told CNET cashadvance. MySpace is owned by Rupert Murdoch's News Corp.
Imeem is the fourth ad-supported streaming music site to go bust or sell for peanuts, CNET said.
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