Why Twitter (TWTR) Stock Is Up Thursday Morning

NEW YORK (TheStreet) -- Twitter (TWTR) was gaining 2.4% to $33.70 in pre-market trading Thursday on reports that the social networker is looking to buy an online music service.

According to The Financial Times, Twitter is looking into buying music services including Soundcloud and Spotify. The company is reportedly weighing deals worth billions of dollars in an attempt to move into the music streaming business.

Twitter previously tried to enter the music space with its app Twitter Music, which was shut down in March. The company recently partnered with Billboard to help chart what bands users are talking about on the social network.

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