Spotify now valued at $8.4B: DJ, citing sources

Spotify nears deal to raise $400 million in funding: DJ
Spotify nears deal to raise $400 million in funding: DJ   

A pending deal to raise $400 million in funding would give Spotify an $8.4 billion value, according to The Wall Street Journal sources. The 9-year-old online music streaming service is expected to close the funding round within the next few weeks.

No date has yet been set for a possible IPO, the WSJ reports.

If successful, the deal could take the company from profit-losing to highly-valued tech company with investors like Goldman Sachs and Abu Dhabi's sovereign wealth fund.

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Earlier this year the company said it had about 45 million free users and 15 million users who pay $9.99 a month for no ads, according to the Journal.

Read the full coverage at The Wall Street Journal.