Spotify in “advanced talks” to buy SoundCloud

An announcement of the acquisition is expected soon, sources say.

Streaming giant Spotify is in advanced talks to buy its competitor Soundcloud, Variety reports.

The news was broken in a report by The Financial Times who say that an announcement is expected soon.

Though SoundCloud launched its own subscription streaming service, this summer the company was reportedly looking to sell for $1 billion.

More on this story as it develops.