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Report: Spotify drops SoundCloud plan to focus on IPO

Spotify Ltd is canceling its plans to acquire rival SoundCloud due to its targeted IPO in 2017, the Financial Times reported Dec. 8.

The Swedish firm reportedly stepped back to avoid hindering its flotation plan with the costs and licensing agreements that would be required to buy SoundCloud, the FT said, citing an unnamed source.

Spotify had attempted to cut a deal with SoundCloud earlier in the year, but the companies did not agree on pricing.