SoundCloud is officially saved by US$170 million emergency funding

SoundCloud saved for the time being with new investment, new CEO and COO appointed

The company outlined the investments in a blog post, while it also announced that former Vimeo executive Kerry Trainor will be taking over as CEO...

The arrival of the former leaders of Vimeo - one of the biggest online video rivals to Google's YouTube and Facebook - raises the prospect SoundCloud may evolve beyond audio streaming in a more music video-oriented direction. A spokeswoman for SoundCloud said last month it remained fully funded into the fourth quarter, while declining to comment on what lay beyond.

Should the investment deal, referred to as Project Sonic, close tomorrow, The Raine Group, Temasek, and all other existing investors would receive Series F stock, a special class of common stock that has seniority and preference, while existing Series E investors would have their liquidity preference cut by over 40 percent.

I'm excited to also announce that this new partnership also brings talent to our SoundCloud family. You've told me how, without SoundCloud, there would be a giant gaping void in today's world of music. "We see a strong, independent future for the company". We can't have that, and I'm happy to once again say that won't be happening. Although Ljung has been the CEO and chairman of the company for almost a decade, the founder will now simply just oversee the company as a chairman.

Pallekele Test: Dhawan, Rahul shine before Lanka fight back
The ever dependable Pujara's discomfort at the crease came to an end as he was caught at first slip off Sandakan in the 51st over. Rahul, who survived a dropped catch on 28, brought up his seventh consecutive Test 50 with a double off pacer Lahiru Kumara .

Trainor plans to emphasize developing tools for musicians, DJs and other creators to use on SoundCloud, as he did with video creators on Vimeo by charging subscribers to use the video-sharing, marketing and analytics tools.

"As a huge fan of the SoundCloud platform since its founding, I deeply admire what Alex and Eric have built", said Trainor.

SoundCloud has accepted a $170 million cash infusion that will allow it to continue operating independently.

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