Google to consider buying SoundCloud for an estimated $500 million

Various reports suggest Google is looking like the current favorite to acquire the music streaming service SoundCloud. According to Music Business Worldwide, Spotify backed out of its negotiation process with SoundCloud after the company offered to sell for an estimated $1 billion.

Record labels such as Universal, Sony, and Warner Music stand to benefit from the sale as well, as the three labels cumulatively own somewhere around 8% to 9% of SoundCloud.