Rumor: MySpace To Buy Out iMeem
iMeem is a music and video streaming service that also has very popular applications on Facebook and MySpace. iMeem has over 50 employees working in San Francisco, California and the company started around November 2003. iMeem has close to $50 million in total funding since they started. Over 100 million people have used their service at some point and they have over 30 million registered users. Last year the company hired Montgomery and Co. to help find a buyer.
iMeem themselves have bought out Snocap and Anywhere.FM. Now it is rumored that MySpace is close to buying out iMeem. iMeem themselves have bought out SNOCAP and Anywhere.FM.
The reason why the acquisition hasn’t take place as of yet is because there is stakeholder approval pending. The amount for buying out the company is not expected to be high considering the amount of venture capital that iMeem had to take in for survival.
Once getting bought out, iMeem will more than likely be rolled into MySpace Music.This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry