Online music sharing service SoundCloud Ltd is close to a deal with Universal Music Group, Sony Music Entertainment, and Warner Music Group for licenses to continue playing their songs and avoid potential legal disputes, Bloomberg reported citing people with knowledge of the matter. SoundCloud is in return negotiating offering a 3 percent to 5 percent stake to the companies as well as a percentage of future revenue, the website reported. SoundCloud is a platform that enables people to upload, record, promote, and share their music and other audio files.
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