MySpace/Imeem Deal Leaves Thousands of Artists Unpaid

MySpace Music bought "certain assets" from imeem, and they do not include imeem's liability to more than 110,000 independent artists with Snocap storefronts, according to a source with inside knowledge of the deal.

One source with inside knowledge of the deal said MySpace Music's rushed purchase of imeem's assets forced it to "leave behind anything that either had explicit liability or potential liability," including Snocap and its debts to thousands of independent artists and bands.