SoundCloud is going fully legit, with the company rumored to be selling the three major labels a 9-15% total stake, according to sources cited by Bloomberg. The deal has yet to be announced due to certain parties being closer than others in signing, Bloomberg's sources say. The deal would make it possible for the audio streaming company to continue letting its users stream music from the majors under licensing deals that would form a part of the overall deal.
Two sources confirmed to Billboard that the details of the report are accurate, and that the deal will be signed imminently.
Details of the deal, including licensing rates and each major's exact ownership percentage were not available.