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Apple on the Verge of $400 Million Buyout of Shazam (Report)

Deal could close as soon as Monday, according to TechCrunch

Apple is on the verge of acquiring Shazam Entertainment, the parent company of music discovery app Shazam, for more than $400 million, according to a report from TechCrunch on Friday.

The deal for the app — best known for giving users song information within seconds of hearing the lyrics — could close as soon as Monday. The London-based company boasts more than 100 million monthly users, and hit one billion total downloads last year.

Reps for Apple and Shazam did not immediately respond to TheWrap’s request for comment.

Shazam has raised more than $140 million from investors, including Universal Music Group and Sony Music Entertainment, since it was founded in 1999. (In the pre-app days, you needed to send a text to Shazam to get song details.) But the approximately $400 million deal comes in below its more than $1 billion valuation the company received from Pitchbook after its latest financing round in 2015.

The buyout would cement an already cozy relationship between the two companies, with Shazam letting buy songs on Apple Music once they’ve been pinpointed. Shazam has bolstered its features since debuting on the App Store in 2008, now allowing users to identify content on TV, and adding augmented reality marketing for brands.