News Summary

Etsy is divesting itself of Reverb, the online marketplace for musical instruments, which it acquired for $275 million in 2019. The buyers are Creator Partners, founded by former SoundCloud CEO Kerry Trainor, and Servco, the owner of Fender Musical Instruments Corporation. The transaction will result in Reverb becoming a privately-held, independently operated company once more. Reverb CEO David Mandelbrot assured users of continued service with enhancements such as a new selling option for quicker payments and local drop-offs. The deal is expected to close in the coming weeks, allowing Reverb to continue catering to musicians and sellers without disruption.