Deezer cancels IPO

Streaming service Deezer, which was due to float on Friday in Paris, and was looking to raise over 300 million euros (with a one billion euro valuation) to finance new marketing and expansion initiatives in an increasingly competitive marketplace, where the French firm competes head-on with the better financed Spotify and Apple Music, has pulled its IPO. "Market conditions" were blamed for the sudden change in plan. Chairman of the Deezer board, Didier Bench, admitted that the slump in Pandora's share price in the US last week was a particular concern as were Netflix's recent results. 

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