INQ chairman joins Spotify board

Li Ka-Shing buys into Spotify

Li Ka-Shing, head of the Hutchinson Group that owns phone manufacturers INQ and mobile network 3, has bought a stake in Spotify but this doesn't mean we'll definitely be seeing a tie up between the companies.

The main reason for the rumours of such a deal is Frank Meehan, chairman of INQ, has been given a seat on the board of Spotify according to Forbes.

However sources at INQ have told TechRadar that Meehan is not appearing on the board in an official capacity as chairman of the phone manufacturer.

In terms of a deal with 3, the network has also told TechRadar the deal from Li Ka-Shing hasn't changed the company's stance on a possible tie up with Spotify, as we earlier reported, meaning an imminent deal between the two is unlikely.

Spotify and Facebook

The head of the Hutchinson Group has taken a minority stake in Spotify in a round of financing rumoured to be around $50 million (£30 million), valuing the company at around $250 million (£150 million).

Li Ka-Shing also holds a stake in Facebook, rumoured to be around $100 million (£60 million), and some will point to the fact the INQ1, colloquially known as the 'Facebook Phone', was created shortly after when speaking about the possibility of a similar Spotify-related device.

Via Forbes