Twitter could not be immediately reached for comment for this story.
The acquisition of the Berlin-based audio file and music sharing website by Twitter would be the second purchasing of a music streaming service by a major tech player this year.
Twitter's interest in adding a music-streaming component to its offering appeared soon after Apple announced it was buying Beats Electronics for $3 billion.
Rumors were also circulating the social media giant also considered other big names in music-streaming services such as Spotify and Pandora Media (P).
Twitter also announced Wednesday that it will purchase Namo Media. This technology firm specializes in "native advertising" for mobile devices and will help the social media deliver promotional material that blends into mobile apps and websites. Terms of the deal were not disclosed.
Amazon (AMZN) shares rose 5.5% to $323.57 after Amazon posted a video Wednesday night that teases for a future unveiling event on June 18.
The video increased excitement about the rumored 3D smartphone that Amazon is rumored to be building. The video revealed different people marveling at a device out of frame that appeared to mimic their movements.
Accompanying the video was an invitation to an event held by Amazon CEO Jeff Bezos in Seattle.
Apple (AAPL) shares rose 0.39% to $647.35 as the company released its "Strength" advertisement last night showing its increased interest in the health and fitness market. The advertisement surfaces right after Apple's recent partnership with Nike (NKE) , Mayo Clinic and a host of others to work on the company's new mobile application, Health, and HealthKit.
Health is an app in the company's upcoming iOS 8, its mobile operating system, that would pull together data such as weight and blood pressure as well as tracking other physical activities. However, the extent of HealthKit's tracking capabilities has not been disclosed.
The ad shows iPhone accompanying runners, instructing gymnast, evaluating golf swings along with other ways the device can improve user's experiences with fitness related activities.
--Written by Kathryn Mykleseth in New York