Genius Media, the widely used lyrics-database company formerly known as Rap Genius, has been acquired by app and internet media holding company MediaLab for $80 million.
With the acquisition, MediaLab is making layoffs at Genius, according to Bloomberg, which first reported the sale. “We are restructuring the way in which original content is produced at Genius and as part of that some very talented individuals on the content and production teams were let go,” MediaLab said in a statement to Bloomberg.
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Genius, a lyrics database, editorial publisher, and digital media company, was founded in August 2009. The Brooklyn-based firm had raised $77.7 million in funding, according to Crunchbase. Its investors include Andreessen Horowitz, Quicken Loans, Cleveland Cavaliers owner Dan Gilbert, and artists Eminem, Nas and Pharrell Williams. Genius currently also powers Spotify’s “Behind the Lyrics” feature and has a pact with Apple Music for lyrics integration.