Money Cash-strapped SoundCloud gets new funds and top management

11:31  12 august  2017
11:31  12 august  2017 Source:   Reuters

Tony Pulis willing to sell Nacer Chadli

  Tony Pulis willing to sell Nacer Chadli Tony Pulis is preparing to cash in on Nacer Chadli this summer so that he can raise further transfer funds for West Brom, according to the Express and Star. Pulis is believed to be willing to sell Chadli if an offer of over £25million is tabled. West Brom only bought Chadli from Tottenham last summer for a fee of £15million, but Swansea City are said to be interested in the Belgian. Swansea look set to lose star player Gylfi Sigurdsson to Everton this summer in a deal worth around £50million, meaning that they could be prepared to meet Albion’s valuation of Chadli as they’ll be desperate for a replacement. Chadli did not feature in West Brom’s 1 – 0 victory over Bournemouth at the weekend but the club are said to be happy to keep the player if their valuation isn’t met.

SoundCloud , the world's most popular streaming music app, but one that has struggled to find a profitable business model, said it received new funding on Friday, insulating it from potentially running out of cash this year.

In July, SoundCloud fired 173 employees or 40 percent of the total and closed its London and San Francisco offices to focus on Berlin and New York. "The investment will ensure a strong, independent future for SoundCloud , funding deeper development and marketing of its core tools used by millions

Berlin's SoundCloud CEO Alexander Ljung attends the LeWeb technology conference near Paris © REUTERS/Philippe Wojazer/File Photo Berlin's SoundCloud CEO Alexander Ljung attends the LeWeb technology conference near Paris SoundCloud has received a "substantial" round of investment, the online music streaming service said on Friday, insulating it from potentially running out of cash later this year.

The company, which laid off 40 percent of its staff in July, said in a blog post that the financing was raised from media-focused investment bank Raine Group of New York and Singapore's sovereign wealth fund Temasek.

It did not disclose the amount of the funding or its terms.

One source familiar with the investment said it amounted to around $170 million (144 million euros), as reported on Thursday by online news site Axios, which had obtained the deal's term sheet.

Former Console bosses asked to repay grants worth €150,000

  Former Console bosses asked to repay grants worth €150,000 The charity, which was liquidated last year, received the money to provide counselling services for Irish emigrants in the UK.The suicide prevention charity was wound down last year after it emerged through an RTÉ investigation that its founders spent donated money on personal expenses.

FRANKFURT (Reuters) - SoundCloud , the world's most popular streaming music app, but one that has struggled to find a profitable business model, said it received new funding on Friday, insulating it from potentially running out of cash this year.

SoundCloud has received a "substantial" round of investment, the online music streaming service said on Friday, insulating it from potentially running out of cash later this year.

The company said that as part of the new investment, digital media veterans Kerry Trainor and Michael Weissman, respectively the former chief executive and chief operating officer of online video service Vimeo, would take the same roles at SoundCloud.

SoundCloud founder and former CEO Alexander Ljung has agreed to step aside to become chairman of the board, it said. Co-founder and Chief Technology Officer Eric Wahlross will remain at the company as chief product officer.

In July, SoundCloud fired 173 employees or 40 percent of the total and closed its London and San Francisco offices to focus on Berlin and New York. A spokeswoman for SoundCloud said last month it remained fully funded into the fourth quarter, while declining to comment on what lay beyond.

Panthers' Jeremy Cash booted from practice for going low on Christian McCaffrey

  Panthers' Jeremy Cash booted from practice for going low on Christian McCaffrey The second-year linebacker was booted from the team's Sunday workout by an angry coach Ron Rivera.During Carolina's workout at Wofford College on Sunday, the Panthers' second-year linebacker was booted from practice after laying a low hit on rookie running back Christian McCaffrey, the Charlotte Observer reported.

SoundCloud , the world's most popular streaming music app, but one that has struggled to find a profitable business model, said it received new funding on Friday, insulating it from potentially running out of cash this year.

FRANKFURT, Aug 11 (Reuters) - SoundCloud , the world's most popular streaming music app, but one that has struggled to find a profitable business model, said it received new funding on Friday, insulating it from potentially running out of cash this year.

"The investment will ensure a strong, independent future for SoundCloud, funding deeper development and marketing of its core tools used by millions of audio creators - musicians, DJs, producers, labels, managers and podcasters," SoundCloud said.

In its blog post, the decade-old, Berlin-based company said that at current sales levels, it was on track to more than double its revenue to $100 million over the next 12 months.

Its free service remains popular with tens of millions of users worldwide, industry analysts say.

But SoundCloud has struggled to develop a user subscription model to pay hefty royalties and compete with streaming music leaders Spotify, as well as encroaching rivals Apple and Amazon.

Raine Group has been an active U.S. investor in media and entertainment, having backed Vice Media, Important Studios, the production venture of South Park creators Matt Stone and Trey Parker and the fantasy sports team firm Draft Kings.

Temasek has been one of the world's most active technology investors, backing roughly 90 companies in the sector stretching back to the dot-com era.

(1 euro = $1.1816)

(Reporting By Eric Auchard; Editing by Edward Taylor and David Holmes)

Families of Manchester bombing victims to receive big payout .
The families of the music fans killed in the Manchester bombing attack in May (17) have each been granted $322,000 (£250,000) from a charitable fund established in the wake of the tragedy. Twenty-two people were killed on 22 May (17) when a suicide bomber targeted the Manchester Arena, where Ariana Grande had been performing as part of her Dangerous Woman Tour. Local officials set up the We Love Manchester Fund to aid those affected by the atrocity, and more than $20.6 million (£16 million) was raised from public donations. On Tuesday (15Aug17), Councilor Sue Murphy announced the relatives of the 22 victims would soon be receiving cheques to help pull them through the tough times. "The city and the world responded with such extreme kindness, generosity and solidarity in the aftermath of the Manchester Arena attack," she told The Guardian. "We will now spend some time looking at how we will distribute the rest of the funds. This will be a complex and sensitive process as we will need to assess the long-term impacts of the attack." Others who were hospitalised following the bombing have already been handed cash pay outs from city officials. "The money is given as a gift, so it's up to them what they do with it," Murphy said. The We Love Manchester Fund was given a big boost just two weeks after the attack when Grande returned to Manchester to stage a star-studded charity concert, featuring the likes of Justin Bieber, Coldplay, Miley Cyrus, and Katy Perry, among many others.

Source: http://uk.pressfrom.com/news/money/-193458-cash-strapped-soundcloud-gets-new-funds-and-top-management/

—   Share news in the SOC. Networks

Topical videos:

This is interesting!