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Snocap might have axed half its workforce last year, but still, the Shawn Fanning-founded company had developed technology appealing to the social-media network.
The company founded by Napster cofounder Shawn Fanning has been for sale for months.
Rusty Rueff says laying off 31 employees, or 54 percent of company's staff, was necessary to attract potential buyers.
The music-licensing company says the cutbacks are part of a plan to "refocus resources."
After years of negotiations, online CD seller CD Baby signed a digital distribution deal with Snocap. Nobody benefitted.
Longtime employee and prominent marketing spokesman plans to launch an as-yet-unnamed new company with original Napster creator Shawn Fanning.
Napster founders Parker and Shawn Fanning unveil a Web video chat service designed to take up where Chatroulette left off. The launch is long on glitter, but the tech demo was far too buggy.
Warner Music has reached a settlement with music-sharing service Imeem. Could legal music-sharing services finally be poised to take off?
After years known mostly for creating Napster, Fanning may finally have hit the financial jackpot.