February 13, 2008 12:44 PM PST
Report: Imeem acquires Snocap
Social network, Imeem, has acquired struggling music-licensing company, Snocap, the company cofounded by Shawn Fanning of Napster fame, according to a published report
TechCrunch, citing an unnamed source, reported that the deal is being finalized this week.
Snocap offers to handle copyright and music licensing for musicians and also powers embeddable download stores that artists can place on any site. From these digital-music vending machines, musicians sell their own music.
In October, Snocap CEO Rusty Rueff told CNET News.com that the company had cut its staff from 56 to 26.
Greg Sandoval covers media and digital entertainment for CNET News. He is a former reporter for The Washington Post and the Los Angeles Times. E-mail Greg, or follow him on Twitter at http://twitter.com/sandoCNET. 
