Wall Street
The iLike Situation: Fresh Investing, With a Few Twists…
Another question-mark on the digital landscape is rumbling. This time it’s iLike, which appears to be entering into some unusual financial game-playing. According to details shared by TechCrunch on Wednesday morning, the founders of iLike are now rallying a round designed to gain greater control over the company. The plan includes the buyback of a significant portion controlled by Ticketmaster, grabbed in 2006 as part of a gargantuan investment.
Since that time, Ticketmaster has written down huge portions of its investment. The write-down is hardly unique – this is a scenario being replicated at many big media and entertainment companies – though Ticketmaster may be looking for a way out of its distressed investment.
Actually, iLike founders Ali and Hadi Partovi are also strongly rumored to be seeking an exit of their own, according to sources to Digital Music News. Of course, this is a difficult time to craft the perfect escape, though bottom-plucking investors are undoubtedly watching.
And what else? According to a report bubbling in C|Net, iLike is also negotiating with the majors to offer their own download solution – instead of referring sales to iTunes.
Report by Alexandra Osorio.