Wednesday Bits & Pieces: Playlist.com, Elevation Partners + Pandora & More…
News of Playlist.com’s bankruptcy filing this week did not come as a shock to those following the start-up, who is now headed down a similar path of other online music services in recent times. Following Chapter 11 filing, which was spun by the company as a “breathing spell” – presumably from litigation (3 of the 4 major label groups had filed lawsuits) – further reports revealed just how much Playlist owes in royalty costs to its top creditors, who include Universal Music Group, Warner Music Group, Sony Music, EMI Music as well as indie label network Merlin and ASCAP. And that “breathing spell” apparently includes funding a restructuring effort with cash from its biggest, and sole secure creditor, UMG, who is not on the same page… Elsewhere, it appears in talks with television companies, Apple is nearing an agreement with Disney for 99-cent TV show rentals via iTunes… Yesterday it was tipped by TechCrunch that private-equity firm Elevation Partners, who counts Bono among its directors, would be investing in Pandora in the range of $100 million, though both sides are remaining quiet at the moment… And check out a profile of Jason Hirschhorn on Silicon Alley Insider, where he discusses his time at MTV, MySpace and what’s next…
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