Social networking and pop culture site BuzzNet raised as much as $25 million in third round funding, with Interscope Records named as one of the investors, according to PaidContent. A portion of the new funds will be used to acquire smaller sites, and BuzzNet increased its stake in music blog Stereogum, which it now wholly owns.

Additionally, music application maker Qloud has been sold to Buzznet for a "little over their last round valuation," according to Mashable. Qloud makes the "My Music" application on Facebook.