Spotify Said to Be in Talks With TPG About Potential Investmentby
Spotify is trying to raise more than $500 million through convertible debt, a person familiar with the company’s plans said last month. Spotify hired Goldman Sachs Group Inc. as an adviser, two people said at the time.
In June, Spotify said it had more than 20 million subscribers, but it faces stiff competition from Apple Inc. Meanwhile, Pandora Media Inc., which has Internet radio and on-demand music services, is exploring a possible sale, a person familiar with the matter said this month.
TPG declined to comment. Spotify didn’t immediately respond to a request for comment. The talks were reported earlier by Sky News.