Dot com has been Spike Networks is set to offload its Internet radio arm Spike Radio having found a buyer -- Hong Kong music company Gogo.com.
Spike has announced it's entered into a heads of agreement with Gogo.com to sell its 85 percent-owned Internet radio business for a 15 percent stake in the online music sales and marketing company.
The deal is subject to the usual completion of due diligence and necessary regulatory and other approvals.
It was just a month ago that the youth oriented Internet radio station announced it was to slash staff as part of a cost cutting measure after losing its main advertising contract with Toyota in Japan.
Spike Networks said at the time that it was in discussions regarding a "potential repositioning" of Spike Radio's existing business and assets.
Gogo has operations in Hong Kong and Singapore and a business focus in North Asia, including Japan.
