Controversial music service Grooveshark is an acquisition target for an investment firm looking to reinvent the site and build bridges with major labels, according to reports.

CNET sources say that Avi Faliks’ investment firm Spring Mountain Capital has approached the company with a view to hiring entertainment attorney Gary Stiffelman in a bid to build a Grooveshark model that labels could work with.

Stiffelman has in the past represented the likes of Lady Gaga, Trent Reznor and Justin Timberlake, and ...