Kerry Trainor, formerly of Vimeo, will lead the beleaguered service. Founder and outgoing CEO Alex Ljung predicts a “strong, independent future for the company.”
The SoundCloud death watch has ended.
The struggling digital music service today secured a fresh round of funding that assures SoundCloud will remain independent, even as a new executive team takes over to steer the service into the future.
The Raine Group, a boutique merchant bank, joined with the Singapore-based investment company Temasek, in leading a $169.5 million investment round that infuses SoundCloud with much-needed cash.
Former Vimeo CEO Kerry Trainor succeeds founder Alex Ljung as chief executive, and Michael Weissman, another former executive at the video platform, was named SoundCloud’s chief operating officer.
“All of this together — the capital, the capital partners — with Kerry and Mike joining our team — it puts our company in a really great position to stay strong and remain independent,” Ljung said in an interview with Billboard. “We see a strong, independent future for the company.”
Highbury Magistrates Court has today approved the agreement.
London’s fabric nightclub will reopen soon.
After it emerged that the club was in talks with Islington council and Metropolitan police to have its license reinstated, an agreement was rubber-stamped today at Highbury Magistrates Court. The agreement will see fabric reopen with a new set of licensing conditions. The exact reopening date has not been decided.
Philip Kolvin QC, one of the lawyers who’s been representing fabric since its license was revoked in September, told the court that fabric “has always set about trying to lead the industry,” and has engaged in a “root and branch reappraisal” of its operating procedures.
The 38 new conditions in the agreement have been outlined by fabric and the police in a joint statement, which you can read in full below. They include the use of a new ID scanning system, enhanced searching procedures, physical changes to the club, and lifetime bans for anyone found in possession of drugs or attempting to buy drugs in the club.