Report: Is iLike about to part ways with Ticketmaster? |
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Report: Is iLike about to part ways with Ticketmaster?
For the second time this week, iLike has found itself in the middle of some interesting speculation. The latest comes via TechCrunch, which cites anonymous sources who say the profitable online music startup is raising a new round of cash that would essentialy wipe out the ownership position of major investor Ticketmaster.
TechCrunch reports that the founding team of iLike, along with a new investor, are negotiating to buy some or all of the Ticketmaster shares.
What's interesting about the chatter is that it comes a day after CNET reported -- also citing unnamed sources -- that iLike was in talks to establish a new online music download store in partnership with three or more music studios.
Could the two reports be connected? I haven't heard anything back from the company.
But here's one scenario. Perhaps a large music studio or two are maneuvering to set up a venture with iLike and they want Ticketmaster out of the way.
iLike -- with more than 50 million registered users -- raised $13.3 million from Ticketmaster in 2006. At the time of the funding, The Wall Street Journal reported that Ticketmaster would own 25 percent of the company.
Prior to that round, iLike had raised $2.5 million from Bob Pittman, Vinod Khosla and others.
John Cook is co-founder of TechFlash. Follow him on Twitter @johnhcook.
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