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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