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Report: Imeem acquires Snocap

The company founded by Napster cofounder Shawn Fanning has been for sale for months.

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.