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Done Deal: MySpace Buys Imeem for Up to $10 Million

in Media on November 18, 2009 at 7:12 pm PT

It’s official: MySpace has closed on its acquisition of Imeem, the streaming music service. It is paying a fire-sale price of $1 million, sources familiar with the situation tell me, and could pay up to $7 million to $9 million in earn-outs for key employees, who will likely include CEO Dalton Caldwell. Investors like Sequoia and Warner Music Group had pumped at least $25 million into the venture.
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