SoundCloud is a startup where users upload and share music. The company has raised a new round of funding with a $700 million valuation. The company raised over $60 million in funding from Institutional Venture Partners and the Chernin Group, according to sources with The Wall Street Journal.
The Chernin Group Posts
Yahoo! is also in the race to acquire Hulu and sources with AllThingsD are reporting that they are putting in a bid at between $600 and $800 million for the video websites. The large price range is due to different circumstances including the length of licensing rights for content and how much control that the programming companies selling Hulu have over their content.
The Chernin Group is an investment company founded by former News Corporation President and COO Peter Chernin. The Chernin Group has recently bought a stake in Base 79, a popular YouTube network of channels that is considered the biggest in the EMEA region. The Chernin Group’s investment is believed to be $10 million in return for a 28% stake of the company.