Buzznet Acquires Steve Case-Backed Music App Qloud: Report

This story was written by Joseph Weisenthal.
That was quick: A day after we broke the news on Buzznet's latest funding and wondered who they'd be buying, Mashable reports that it has acquired Qloud, the DC-based social music company that claims backing from Revolution LLC. SocialTimes reports the same and says an announcement is imminent. Qloud, started by two ex-AOLers, is the developer of the My Music app on Facebook, which, at one point claimed to be the second biggest music app on the site, after iLike. Other investors include Ted Leonsis and former Yahoo (NSDQ: YHOO) music chief David Goldberg. Terms of the deal were not reported, other than that the valuation was a little higher than what the company raised money at least year (which also was not disclosed).

By Joseph Weisenthal