Does music suck as an online investment or what?
LaLa was purchased for $17 million by Apple, according to our sources with indirect knowledge of the deal. And the company supposedly had $14 million in cash in the bank, meaning the actual purchase price was really $3 million.
That’s in line with recent competitive sales like iLike ($20 million) and iMeem ($1 million). LaLa had plenty of cash in the bank, but they were burning $500k/month, say our sources.
Read more. The main problem isn’t that those exits were relatively small, it’s that all companies raised oodles of money.
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