Palo Alto,
Calif. – Project Playlist, a
social music site that lets users create and share song playlists, is in talks
with potential investors including AOL (NYSE: AOL) about providing additional backing to
the company, CNET reported, citing multiple sources.
The Palo
Alto, Calif.-based company has raised more than $23 million in
financing to date.
The company was sued by two of the four major record labels
for copyright infringement, while it has secured licensed from Sony Music and
EMI.
Former CEO Owen van Natta left Facebook to helm the company, but left
after only five months to take the job as CEO of MySpace.
"Unfortunately
we cannot offer any comments about any potential fund-raising. If we have any
news to announce in the near future I will let you know," Project Playlist
founder Jeremy Rimber told CNET.
Related Links:
http://news.cnet.com/8301-31001_3-20001262-261.html
