NEW YORK (TheStreet) --Google Inc. (GOOGL) has bought the privately held start-up company Songza Media Inc. in an attempt to boost its music services and steer competition away from its rival Apple (APPL), the New York Times reports.
Songza Media is a three-year-old music streaming app that plays songs based on a person's activities, their mood, or the time of day.
Terms of the deal were not disclosed, but sources said Google paid over $39 million for Songza, the Times added.
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Google said it is not planning on changing how the music service operates but said that it will work to incorporate Songza into Google Play Music, and possibly YouTube.
Shares of Google are up 0.06 to $591.86 on Wednesday.
Separately, TheStreet Ratings team rates GOOGLE INC as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate GOOGLE INC (GOOGL) a HOLD. The primary factors that have impacted our rating are mixed some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures and reasonable valuation levels. However, as a counter to these strengths, we also find weaknesses including a generally disappointing performance in the stock itself, disappointing return on equity and feeble growth in the company's earnings per share."