The microblogging platform has withdrawn from negotiations concerning the acquisition of SoundCloud, which would have provided an exit for Chernin.
Microblogging platform Twitter has walked away from a proposed deal to acquire Germany-based music streaming platform SoundCloud, German daily Der Spiegel has reported.
The mooted acquisition, reported by online news source Re/code earlier this week, would have provided an exit for media, entertainment and technology company The Chernin Group (TCG).
TCG invested in SoundCloud’s January 2014 series D round, which raised $60m at a $700m valuation.
However, the talks collapsed after Twitter allowed an exclusive negotiation period to expire.
SoundCloud…
