SoundCloud saved by 11th hour investment

SoundCloud.
(Image credit: iStock)

The beleaguered audio sharing and streaming platform SoundCloud was saved by a $170 million investment Friday, after reports indicated on Thursday that investors could terminate the company within hours, TechCrunch reports.

The "largest financing round in the history of SoundCloud" comes from The Raine Group, which owns the music festival Lollapalooza, and Temesek Holdings, a state-run Singaporean company. SoundCloud co-founder Alex Ljung will also be replaced as CEO by former Vimeo CEO Kerry Trainor, but will remain with the company as a chairman, NPR reports.

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Jeva Lange

Jeva Lange was the executive editor at TheWeek.com. She formerly served as The Week's deputy editor and culture critic. She is also a contributor to Screen Slate, and her writing has appeared in The New York Daily News, The Awl, Vice, and Gothamist, among other publications. Jeva lives in New York City. Follow her on Twitter.