Myspace Acquires Imeem (Music Streaming Service) for Only $8 million?
It has now been confirmed that Myspace has closed on its acquisition of Imeem, the music streaming service. It is paying a fire sale price of $1 million, sources familiar with the situation tell me, and could pay up to $7 million to $9 million in earnouts for key employees, who will likely include CEO Dalton Caldwell.
The deal basically values Imeem at around $8 million, even though Sequoia and Warner Music have already pumped $25 million into the venture.
I dont understand why Myspace thought it was a good idea to purchases Imeem! Was it just about the users who are still active on Imeem, cause it definitely wasnt about the technology or the earnings potential.
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