SoundCloud saved by emergency funding as CEO steps aside

SoundCloud lives to play another day: The so-called YouTube for audio, which ran into cash problems this year when it introduced a subscription service, says today that it will receive “a significant investment” from The Raine Group and Singapore-based investment company Temasek.

As part of the deal, former Vimeo CEO Kerry Trainor and COO Michael Weissman agreed to take charge of SoundCloud, with the same titles that they had at the video sharing company. Trainor also will join the board. Techcrunch estimated the investment at $169.5 million.