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Report: New Funding Keeps Imeem Out Of The Deadpool

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imageMusic-focused social networking site Imeem hasn’t found a buyer yet, but CNET is reporting that it just got a fresh influx of cash to help stay afloat a little longer.

SEE ALSO: Music Social Network Imeem In Play; Hires Bank; Laying Off 25 Percent

The site, which lets users stream ad-supported tracks, put itself up on the block late last year. It was buckling under the weight of the less-than-lucrative licensing deals it had brokered with the record labels—not to mention the economic meltdown. Imeem still needs to raise more cash though; sources told CNET’s Greg Sandoval that the new money isn’t likely to last through the end of the year.

May 6, 2009 6:38 PM ET

Posted In: Entertainment, Music, Money, M&A & Venture Capital, Venture Capital, Social Media

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