The Daily Swarm

UPDATE: Jason Tate has more on his blog.

UPDATE: Silicon Alley Insider: BuzzNet Still Buying Music Sites, Adds Absolute Punk

UPDATE: Absolute Punk:

There have been some rumblings today that we have been “acquired” by Buzznet and I’m excited to let you know that—welp, it’s true.

Basically not much will change other than AP will reap the rewards of engineering resources through the deal – which puts a smile on my face – that single mouse I had powering the site was getting very tired. I will continue to run the site and all the news and stories will continue to be written and reported by the writers you’ve grown to know, trust and love.

For those who rumbled about UMG and all that – UMG doesn’t own Buzznet, they’ve made an investment in the company – those are 2 different things.

UMG will not have any influence or input into anything AP.net is doing editorially – our editorial will stay true to how it’s always been – we cover what we want to cover and what the readers want to see. Period.

The Daily Chorus;:

During the Bamboozle weekend, TDC has learned from numerous industry sources that Buzznet will be acquiring AbsolutePunk. Some sources say the acquisition has already happened.

Buzznet has been reported to have raised up to $25 million by Universal/Interscope to acquire music blogs. Buzznet has already acquired Stereogum and Idolator.

The terms of the aquisition is uncertain but one source has said AP.net did get a part of the $25 million. Again, not confirmed.

Buzznet appears not to be done with the music blog/webzine acquisitions. As one insider said, “There are many more to come.”

Absolute Punk founder Jason Tate (via Buzznet Buys AP?):

I am not starting a record label. I do not believe that is the answer. If just a new business model for an old industry was all I had to offer – I’d fail. I don’t think the record label industry is headed in the right direction, nor do I think they’d be accepting of me. I don’t believe in the same profit models they do. That won’t change. Sure, give me control of a major and we’ll talk. But I don’t want an A&R job. That’s why I turned those down. I don’t want to try and put out record for bands knowing full well I can’t offer them what they deserve. A label becomes about making the label money – not about making the band money. I don’t agree with the premise. My ideas and talents lay in other areas—and that’s what I plan to use. What exactly? Well, at this point I still can’t really get into details. But given the resources and capabilities – we can, without a doubt in my mind, change our scene within 5 years. We can change the industry within 10. I believe in me, I know a lot of you believe in me, and we’re starting to get others on our side as well.

Just know the wheels are in motion. Just know the energy is from you – the energy is social. The future comes from big dreams and big ideas. It’s not about standing on the shoulders of giants anymore… it’s about jumping over the giants and forging a path never before seen. This is bigger than AP.net.

EARLIER:

Stereogum’s Scott Lapatine: ‘I’m still running the site…A lot of what was reported about the sale was inaccurate. Our editorial isn’t going to change’

Variety on Universal Music’s Buzznet/ Stereogum/ Idolator buy-in: ‘the first time a major music company has taken a role in developing editorial programming for a social media site’

Idolator and Stereogum are now Buzznet BFFs… Nick Denton ‘more or less giving away’ lowest performing sites…

Interscope buys stake in Stereogum parent company…other ‘content acquisitions’ coming as Buzznet pursues more music blogs…

Stereogum ‘flipped’ for $5 million…