After Snapchat's latest investment in its media publishing outlet, Snapchat Discover, it's clear that the company has an interest in investing in the media market. While the popular image-sharing app can't share entire songs, it looks like one of its creators wants to invest in the music industry.
Snapchat CEO Evan Spiegel is looking to buy Big Machine Records, the New York Post reported. Big Machine is the Scott Borchetta-led country music label that manages Taylor Swift.
According to inside sources, Spiegel is willing to bid over 350 million on the company. However, he isn't the only one who wants the label. Supposedly, Apple is looking to acquire the label as well. The Post's inside source reports that there is potential for the two companies to team up and acquire the company together.
While this is an unusual move for Spiegel, it isn't surprising. The recent Sony hack revealed a series of emails in which Spiegel met with Sony's president of global digital business Dennis Kooker and mentioned starting his own label. This purchase is likely the next best move for Spiegel.
But what if it is romance that is causing Spiegel to buy out Big Machine? It turns out that Spiegel and Taylor Swift have something of a history. Hollywood Life reported that Spiegel and Swift dated for a time in 2013. The two would reportedly rent out entire restaurants and theatres for their own use. However, the two broke up within a few months because Spiegel didn't appreciate Swift's "neediness."
Big Machine also manages other popular country acts, including Tim Mcgraw, Rascal Flatts and Lauren Jenkins.
