Share This Story  |   Comments (0)

Social networking music site operator Buzznet Inc. still isn't talking about whether Universal Music Group or its Interscope division is among the new investors in a reported $25 million second round. But the startup confirmed in a statement that it has acquired music blog Stereogum for an undisclosed amount.

The deal was presaged last fall by reports that Stereogum founding editor Scott Lapatine and angel investors Bob Pittman, formerly of AOL, and Jason Hirschhorn, formerly of VH1, had swapped their ownership stakes in the blog for shares of privately held Buzznet. Stereogum, known for snarky coverage of indie music, is preparing to launch a second site, Videogum, in conjunction with Buzznet next week. Videogum will cover television, film, games and Web shorts.

A Buzznet spokesperson declined comment on MySpace Music, the new joint venture between the social networking giant and three of the Big Four record labels, including UMG. We first reported UMG's investment in Buzznet in mid-January, and the MySpace joint venture has been rumored for a year or more. For UMG, deals with both social networks could be more synergistic than antagonistic; it's easy to imagine a more mature version of Buzznet figuring into MySpace Music somehow when all's said and done. -- Paul Bonanos

See Mar. 31 Tech Confidential post on Buzznet, Stereogum and UMG

Also From Tech Confidential

• Update: FriendFeed releases SUP details ahead of sked
• Overpopulated solid-state drive market won't spur much M&A
• EXCLUSIVE: FriendFeed readying RSS accelerator
• Solazyme raises big round for algae-based biofuel
• Cisco's PostPath deal continues enterprise collaboration push

Tech Confidential Home Page

---

Post a comment

Name:

Email Address:

URL:

Remember personal info?

Comments: (you may use HTML tags for style)

Please only click "Post" once. It may take a few moments to process.