Photo: Press
It has been reported that Google could buy online streaming service Soundcloud, after "high level rumours" of an agreement between the two companies are apparently in discussion.
Music Business Wordwide have made the claims in a new report, which also states that streaming giant Spotify had backed-out of talks of taking over Soundcloud - after the site set a whopping $1 billion price.
It has now emerged that Soundcloud may have come to a new agreement with Google, who they could sell the site to for around $500 million and are the "current favourite" to take over.
Music Business Worldwide's report also suggests that record labels who currently hold stakes in the company could receive major pay-outs following the potential sale to Google. A "rough approximation" suggests that Universal, Sony and Warner Music own somewhere between 8% and 9% of Soundcloud, and could get up to $45 million if the $500 million sale goes ahead.
You can read full details in the report here
