WILL SNAPCHAT SNAP UP BIG MACHINE?
A New York Post report says Snapchat CEO Evan Spiegel has designs on Big Machine. Scott Borchetta's Nashville label (and, of course, the home of Taylor Swift), the possible purchase of which has fueled rumors since it went into play, had been valued at around $250 million—though Claire Atkinson's latest story pushes that up to $350m.
The 24-year-old Spiegel, who was seen schmoozing music-biz folk at Clive Davis' Grammy ball, had been linked to romantically to Swift in the past, and is said to have been interested in getting into the music biz for some time.
Atkinson cites sources who believe Snapchat and Apple could go in on the purchase (Eddy Cue was among the people at Clive's shindig seen chatting with Spiegel), though Appple has previously dismissed all such rumors.
Snapchat's messaging app enables text and pictures to be posted for a limited time before vanishing in the ether, like the ghost on its logo. It made headlines when Facebook waved a $3 billion check in the chat app's face but Siegel rejected the offer. The firm's now valued by VC at around $10-20 billion, according to some financial journals.
"I have seen the future of social media," proclaimed Fox business writer Steve Tobak just today, "and it's Snapchat."
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