Report: Coke In Talks To Buy Into Spotify
October 12, 2012 at 4:52 AM (PT)
SKY NEWS reports COCA-COLA is in talks to buy a stake in SPOTIFY. MARK KLEINMAN writes that COKE "is in discussions about acquiring a shareholding worth about $10m (£6.2m) in SPOTIFY, which is in the process of raising funds expected to value the company at roughly $4bn (£2.5bn)."
It's not a done deal yet -- but could be completed in the next few weeks.
"Under the terms of the deal reached between the two companies earlier this year, SPOTIFY will provide the underlying technology for COCA-COLA's music platforms around the world," adds the report.
SPOTIFY Founder/CEO DANIEL EK said, "COCA-COLA is the most recognized and respected brand in the world and we are proud to be their music partner. SPOTIFY and COCA-COLA both believe that music, technology and creativity can connect people around the globe."
COKE Dir. JOE BELLIOTTI added, "At COCA-COLA we have long recognized the power of music to connect people around the world. As we step up our activation through COCA-COLA MUSIC, we are excited by the innovative music technology platform created by SPOTIFY and the opportunity to create a truly global music network. The potential for this partnership is limitless."