Report: Universal's Close To A Spotify Deal
February 24, 2011 at 5:00 AM (PT)
SPOTIFY, the European digital music service, "is a few weeks away from inking a deal for U.S. rights to songs from UNIVERSAL MUSIC GROUP," reports REUTERS.
There were also reports last week (NET NEWS 2/21) that the company was raising a big round of financing from RUSSIA's DST, the investment company company that has backed FACEBOOK, GROUPON and ZYNGA. The proposal values the company at about $1 billion.
WARNER MUSIC GROUP is the lone hold-out, and may not be on board in time for SPOTIFY's launch.