According to a Bloomberg report, favored music streaming platform SoundCloud is working on closing prominent deals with some major music labels, like Sony, Universal and Warner. The deal would offer the labels a three to five percent share of the website's earning, in return, an agreement would be put into place so SoundCloud cannot be sued for any copyright violations.

The Berlin based music sharing company racks up about 250 million listeners a month. If the deal goes through, SoundCloud's face value would reach anywhere between $500 to $600 million. According to the report, the deal is a win win for all parties involved. Immunity from future legal disputed would be offered to SoundCloud while Sony, Universal and Warner would be offered a percentage of their future revenue.

Representatives from SoundCloud and the record labels have yet to comment.