Advertisement
YOU ARE HERE: LAT HomeCollections

Company Town | BRIEFLY

Universal Buying Remaining Shares of GetMusic

April 26, 2001|Associated Press

Universal Music Group is acquiring the 50% interest that it doesn't already own in GetMusic, an online music site, from its partner Bertelsmann, the German media conglomerate. Terms weren't disclosed. Universal, a unit of the French conglomerate Vivendi Universal, will combine the site with a separate online music venture called Farmclub. Andy Nibley, head of GetMusic, will become head of the new venture, which will keep the GetMusic name. About 60 people will lose their jobs as a result of the deal, Nibley said, leaving the new company with about 120 employees. Farmclub will stop producing a weekly TV show for cable channel USA Network.

Advertisement
Los Angeles Times Articles
|
|
|