SoundCloud is about going fully legit. Any day now, the company plans to announce that it has sold a 9-15% total stake to three major labels according to sources cited by Bloomberg.
The deal has yet to be announced due to certain parties being closer than others in signing. The deal would make it possible for the audio streaming company to continue letting its users stream music from the majors under licensing deals that would form a part of the overall deal.
The three majors also hold a minority stake in streaming music service Spotify. Universal Music Group held a 14% stake in Beats Music, netting the company around $420 million following its acquisition by Apple.
Plug: OhSoDJ.com Soundcloud
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