Tuesday, March 1, 2011

Clear Channel Radio Buys Thumbplay

San Antonio-based Clear Channel Radio said late Monday evening that it has acquired Thumbplay, the New York-based cloud music service platform. Financial terms of the deal were not disclosed. Clear Channel said it would acquire Thumbplay's platform and its team of technology, product, and marketing experts. The firm plans to use Thumbplay's platform to enhance its iHeartRadio platform, which provides digital and personalized radio stations to listeners. Thumbplay had been venture backed by Bain Capital, i-Hatch Ventures, Meritech Capital, New Enterprise Associates, Redwood Ventures, SoftBank Capital, and Verizon.