A PYMNTS Company

US: AT&T divesting its music streaming service, sources say

By  |  May 8, 2014

Wireless giant AT&T is reportedly planning to sell its music streaming service Muve Music only months after it acquired the assets through its buyout of Leap Wireless.

Unnamed sources say AT&T is looking for a buyer for the music company and a bidding process has already begun. Muve Music is run through Cricket Wireless, whose parent company is Leap.

Cricket declined to comment on the reports, but did confirm that the company “decided to explore alternative music options to Muve.”

While motivation behind the sale is unclear, reports say AT&T could be divesting the assets because it already has a deal with rival music subscription service Beats Music.

AT&T first acquired Leap for $1.2 billion last July.

Full content: NYTimes

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.