Apple Rumored to be Buying Color
Comments are off for this post.
The last big news from Color, the mobile broadcasting social app startup, was all the way back in May of this year. The company had announced a deal with Verizon (and only Verizon) to allow its subscribers to stream audio for live video broadcasts over its 4G LTE network. Since then, the app has languished in obscurity, and rumors earlier this week held that the startup would be shutting down.
Today, though, some good news (or at least a sigh of relief) is coming for Color investors. The Next Web is reporting that Apple, the biggest company in the history of companies, is looking to buy Color for its patents and talent. The report cites unnammed “very well placed” sources as saying Color will be bought for a price in the “high double digits.” The company’s investors, which poured more than $40 million in to the company and include large venture capital firms such as Bain Capital Ventures and Sequoia Capital, are reportedly getting a return on their initial funding.
The Next Web points out that this would not be the first time Apple has bought a company from Color founder Bill Nguyen. Nguyen founded LaLa, a music store and sharing service that Apple acquired in 2009 and promptly shut down.