Raine Group and Temasek have reportedly acquired a majority stake in beleaguered, Twitter and Chernin Group-backed music streaming platform SoundCloud.
Merchant bank Raine Group and Singaporean state-owned investment firm Temasek agreed on Friday to invest a “significant” amount in Germany-based, corporate-backed online music streaming platform SoundCloud to keep it afloat.
SoundCloud, whose investors include social media company Twitter, has not disclosed the details of the deal, but Axios reported Raine and Temasek were set to invest approximately $170m at a $150m pre-money valuation, which would give them a 53% stake in the company.
Founded in Sweden in 2007, SoundCloud operates…
