Digital media provider Loudeye has raised $25.2 million in new equity funding via a private stock sale. The company sold 16.8 million shares of common stock, with warrants to buy another 5 million sha

Digital media provider Loudeye has raised $25.2 million in new equity funding via a private stock sale. The company sold 16.8 million shares of common stock, with warrants to buy another 5 million shares, to unnamed institutional investors.

The Seattle-based company says it will use the proceeds of the sale for working capital and general corporate purposes.

Loudeye stock was trading at $2.05 following the announcement today (Dec. 22), down from the previous day's close of $2.17.