May 23, 2003 |
Three major record companies and RealNetworks Inc. have invested an additional $10 million in MusicNet, an online music distributor they launched two years ago. The funding comes in the wake of Pressplay and Listen.com Inc., two rival online distributors, being sold to Roxio Inc. and RealNetworks, respectively. MusicNet did not disclose the total amount it has raised from its investors, which include Bertelsmann, EMI Group's EMI Recorded Music and AOL Time Warner Inc.'s Warner Music Group.
April 22, 2003 |
RealNetworks Inc., a founder of the struggling MusicNet online distribution service, announced Monday a $36-million deal to acquire a second online music company, Listen.com Inc. of San Francisco. Listen, which has raised and spent more than $100 million from investors to develop its Rhapsody music service, becomes the largest company in the fledgling industry to be swallowed up by a competitor.
March 1, 2003 |
Sony Corp.'s Sony Music Entertainment unit, which ranked fourth in U.S. album sales last year, bought a minority stake in Internet music service rival MusicNet. Sony Music, co-owner of the Pressplay online subscription-music service with Vivendi Universal, bought a MusicNet note that is convertible into a 4% stake in the venture.
October 23, 2001 |
The board of an Internet music distributor backed by three of the world's five record conglomerates named music television executive Alan McGlade to head the fledgling online venture. MusicNet is one of two competing online ventures being launched by the major record companies. As chief executive, McGlade's mandate will be to line up additional distributors for MusicNet, which is jointly owned by software maker RealNetworks and record companies AOL Time Warner Inc., Bertelsmann and EMI.
October 15, 2001 |
The Justice Department has intensified its antitrust investigation of the music industry's licensing practices, demanding that industry organizations and online companies submit a slew of documents related to Internet music services. The department recently began sending out "civil investigative demand" letters, hunting for evidence of collusion by record companies and affiliates to impede competition. The recipients of the letters include the Recording Industry Assn. of America, at least two Internet companies and MusicNet, an online music distributor jointly owned by three major labels and RealNetworks Inc. A copy of one letter obtained by The Times indicates that antitrust investigators are looking at all the terms proposed by the record companies and music publishers for their licenses, as well as the lawsuits they threatened, brought or settled over online music.
September 27, 2001 |
MusicNet, an Internet music distributor backed by three of the major record labels, is ready to start supplying music and software to online retailers, the company is expected to announce today. Jointly owned by AOL Time Warner Inc., Bertelsmann, EMI Recorded Music and RealNetworks, MusicNet has deals to provide music from Warner, BMG, EMI and Zomba on a wholesale basis to AOL, Real and Napster Inc.