MySpace Acquires imeem for Undisclosed Sum

Feed Type
Link
http://www.venturedeal.com/Search/SearchResultTransactionDetail.aspx?TransactionId=baa9547e-3396-4b61-a378-3e3cfb61e51d&Preview=1
Date
11/18/2009
Company Name
imeem
Mailing Address
285 Hamilton Ave Palo Alto, CA 94301
Company Description
imeem is an online community where artists, fans & friends can promote their
content, share their tastes, and discover new blogs, photos, music and video.
Website
http://www.imeem.com
Transaction Type
M&A
Transaction Amount
Undisclosed
Transaction Round
Proceeds Purposes
M&A Terms
The News Corp.-owned MySpace has agreed to pay $1 million in cash, but the total figure also includes money for accounts receivable and employee earn outs. Regardless, the price is a big loss for investors who poured upwards of $30 million into the pioneer ad-supported music service.