It’s been an action-packed 24 hours for deals in the music business – and it’s not over yet.
Apple is set to acquire UK-based music identification startup Shazam next week for a sale price of up to $400m.
That’s according to a new report over on TechCrunch, which says Apple plans to announce the buyout on Monday if all goes smoothly.
The report suggests that the deal will be a ‘nine-figure’ acquisition, with one source suggesting that Shazam will go for £300m (circa $400m).
That’s significantly lower than the $1bn valuation placed on Shazam during its last funding round in 2015.
Shazam Entertainment Limited was founded in 1999.
For its latest known financial year, to the end of December 2016, Shazam Entertainment Ltd turned over £40.29m, with a net loss of £3.67m (see below).
Apple rival Spotify acquired a music identification startup of its own back in March when it bought British company Sonalytic.