Spotify Reportedly Ditches Its Plans to Buy SoundCloud
Published Dec 08, 2016This fall reports emerged that streaming service Spotify was in talks to buy SoundCloud. It now appears that's no longer the case.
As TechCrunch reports, Spotify has axed all plans to acquire SoundCloud, despite the two companies reportedly being in "advanced talks" back in September. The news comes via "a source at Spotify who is familiar with discussions," and apparently the deal between the two companies went up in flames this past week.
The source told TechCrunch that Spotify "ultimately walked away because it feared that an acquisition could negatively impact its IPO preparation," according to the report.
As of yet, neither company has addressed the reported fallout publicly.