Luxembourg
– European music broadcasting and technology firm MusicMatic has purchased
Mangrove Capital Partners’ stake in Jamendo, a provider of free song downloads
licensed by artists that began seeking a buyer for the company in January, TechCrunch
reported.
While financial terms of the deal were not disclosed, TechCrunch
speculates that Mangrove was a majority shareholder in Jamendo; MusicMatic
founder and CEO Alexandre Saboundjian will now head the company.
MusicMatic
plans to seek additional financing for Luxembourg-based Jamendo, which
currently offers free downloads from some 18,000 artists.
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(TechCrunch)
