WMG Invests In Imeem And LaLa.com
August 12, 2008 at 5:34 AM (PT)
PALO ALTO-based startups IMEEM and LALA.COM have both scored funding from WARNER MUSIC GROUP, the firm has disclosed in its latest 10Q filing with the SEC. According to the SEC filing, WARNER MUSIC GROUP invested $20M in LALA.COM, an online music site, and $15M in IMEEM, an online music, video and photo sharing site.
Exact date of the investments was not disclosed, although it did come within the last nine months. Private equity publication THEDEAL first uncovered the details in WARNER MUSIC GROUP’s 10Q.
ALL ACCESS reported YESTERDAY (NET NEWS 8/11) that IMEEM had grown to be the largest music download service after striking deals with the four major record labels.