Dotcom sells out of Baboom

00:43, Oct 02 2014

Baboom, a proposed online music platform, says it has severed all ties with its founder Kim Dotcom ahead of a planned launch early next year.

Dotcom had a 45 per cent shareholding in Baboom through his family trust, but Baboom said the trust has sold the shares to VIG.

"The transaction means Dotcom no longer has any equity or role in Baboom, nor any relationship with the company," Baboom chief executive Grant Edmundson said.

"Kim is moving on to focus on other projects and both camps wish each other well with future plans."

Baboom is trying to raise A$4.5 million (NZ$5.05m) and intended to apply to list on the Australian Securities Exchange by the end of the year.