Loudeye Selling Stock to Raise $8.25 Million

The troubled digital music and media services provider Loudeye said it’s selling stock to raise $8.25 million. Net proceeds will be used for “working capital and any other general corporate purposes,” the company said.

Earlier this month, Loudeye announced a plan to cut costs by $2.5 million per quarter, which included cutting an undetermined number of employees. Some more details in the release here.

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