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Comcast Withdraws $48.4 Billion Disney Merger Proposal

Authored by Mark Hefflinger on April 28, 2004 - 3:57am.
Philadelphia -- Comcast, the nation's largest cable TV operator, announced on Wednesday that it has withdrawn its $48.4 billion proposal to merge with The Walt Disney Company. "It has become clear that there is no interest on the part of Disney's management and Board in putting Comcast and Disney together," said Comcast president and CEO Brian Roberts. "We have always been disciplined in our approach to acquisitions. Being disciplined means knowing when it is time to walk away. That time is now." Roberts added that, as a result of the bid withdrawal, the company in a position to move forward with its previously announced $1 billion stock repurchase program. The company will also explore a possible purchase of bankrupt cable TV operator Adelphia, Reuters reported.
tags: Disney | Comcast | Merger Proposal | Refusal |

RIAA Sues Another 477 Alleged Music File-Swappers

Authored by Mark Hefflinger on April 28, 2004 - 3:54am.
Los Angeles -- The Recording Industry Association of America (RIAA) on Wednesday sued an additional 477 individuals for copyright infringement via music file-swapping, bringing the total number of U.S. residents sued by the major label trade group to 2,454. Wednesday's actions were filed against "John Doe" defendants, with the intention of having each defendant's name revealed by his or her Internet service provider through subpoena. The new lawsuits included 69 defendants at 14 universities, including Princeton and Brown; a round of suits filed in March also targeted 89 college students.
tags: Law | Music | RIAA | File-Swappers |

Report: Terra Lycos Looking to Sell U.S.-based Lycos Unit

Authored by Mark Hefflinger on April 28, 2004 - 3:52am.
New York -- Spanish Internet portal Terra Lycos has hired investment bankers Lehman Brothers to explore a possible sale of its U.S.-based Lycos Internet business, The Wall Street Journal reported on Wednesday. The sale of Lycos, which CNET News.com reports sources say could generate $200 million, would undo the $12.5 billion year 2000 merger of the Massachusetts-based company with the Spanish portal Terra. "An acquisition of Lycos, one of the last available premier Internet search and content properties, represents an outstanding and unique value creation opportunity at a time when advertising budgets are increasing, paid online content is gaining broader acceptance and public markets are favorably rewarding consolidation in the rapidly growing search market," reads a document prepared by Lehman Bros. that was obtained by News.com.
tags: Reports | Terra Lycos | Lycos Unit |

Apple Reports 70 Million Songs Sold in First Year of iTunes Store

Authored by Mark Hefflinger on April 28, 2004 - 3:49am.
Cupertino, Calif. -- Apple Computer announced on Wednesday that its iTunes Music Store has sold over 70 million songs since launching one year ago, and now claims a 70 percent market share of legal downloads for singles and albums. Apple had previously said its aim was to sell 100 million downloads in the first year of iTunes. The company also introduced a number of new features to the service, including CD jewel case printing, personal playlist sharing, "party shuffle," the rights to play songs on two additional computers (now a total of 5), and the ability to automatically convert unprotected WMA files into its proprietary AAC format, making them playable on an iPod.
tags: Music | Apple | iTunes |

RealNetworks Reports $12.3 Million in Music Revenue for Q1 2004

Authored by Mark Hefflinger on April 28, 2004 - 3:47am.
Seattle -- Media delivery technology provider RealNetworks announced its first quarter 2004 revenues on Wednesday, reporting that it generated more than $12.3 million in digital music revenue, despite an overall net loss of $10.4 million during the period for the company. The $12.3 million represents an increase of 55% over revenue from the 4th quarter of 2003, and comes from the Rhapsody and RadioPass monthly fee subscription services as well as from sales of downloads through Rhapsody and the RealPlayer Music Store launched at the beginning of the year. A RealNetworks spokesperson said that the numbers "are further evidence that [Apple CEO] Steve Jobs is dead wrong in saying that the music subscription market, which now has an estimated 1 million paying customers (between services like Rhapsody, Napster, MusicMatch and MusicNet) 'are not succeeding.'"
tags: Music | RealNetworks | Revenue |

Japanese Electronics Firms to Launch Broadband "Any Music" Service

Authored by Mark Hefflinger on April 28, 2004 - 3:44am.
Tokyo -- A consortium of Japanese consumer electronics firms plan to launch a broadband digital music subscription service called Any Music on May 20, which will deliver songs directly to compatible home audio equipment. Participating firms Kenwood, Sharp, Sony, Pioneer, Onkyo, D&M, JVC and Yamaha said that stereos and other devices featuring an Any Music button will be able to browse and download songs directly to the devices via a remote control -- bypassing a PC -- and also transfer them to portable players. Users will pay a $3 start-up fee and $3 monthly fee for Any Music, which will initially offer a library of 38,000 songs at $1.50 per track or $10 per album. Content will be provided by LabelGate, a music distribution company formed by the joint investment of Japan's leading record labels.
tags: Broadband | Japanese Electronics | Any Music |

Europe's Wisdom Group Raises $46 Million for 'Net Entertainment Ventures

Authored by Mark Hefflinger on April 28, 2004 - 3:42am.
Madrid -- The Wisdom Group, a newly formed group of European interactive entertainment businesses, announced on Wednesday that it has raised $46 million in new funds from investors Apax Partners and iNova Capital. The Wisdom Group's holdings bring together video game development and distribution firms (PyroStudios, Play Wireless, Proein); online information and entertainment distributors (LaNetro Internet, LaNetro Mobile, Geofactory, YATT); and a computer-animated film production company. All of these companies are managed by the Perez Dolset family, which retains a 51% stake in Wisdom Group. The funds will be used to finance the companies' national and international expansion projects.
tags: VC | Deal | Wisdom Group | Net Entertainment Ventures |

Streaming Video Delivery Provider The FeedRoom Raises $5.1 Million

Authored by Mark Hefflinger on April 28, 2004 - 3:40am.
New York -- The FeedRoom, a provider of streaming media delivery solutions for broadcasters and other media companies, announced on Wednesday that it has raised $5.1 million in new funding. The investment round was led by BEV Capital, with participation from existing investors Warburg Pincus, Ridgewood Capital, Constellation Ventures, Circle-T Partners, the New York City Investment Fund, former CBS CEO Peter Lund and UBS Warburg's U.S. head of investment banking Ken Moelis. New York-based FeedRoom's clients include NBC's owned television stations, CBS Sports, AOL, Comcast, Reuters and Tribune Television -- in all a network of 170 sites that deliver over 1 million streaming video clips daily. The company will use the funds to expand its sales and marketing efforts.
tags: Streaming Video | Deal | The FeedRoom |

Mobile Games Firm Airborne Entertainment Lands $2.2 Million

Authored by Mark Hefflinger on April 28, 2004 - 3:38am.
Montreal -- Airborne Entertainment, a publisher of mobile games and other wireless entertainment content, announced on Wednesday that it has received a $2.2 million investment from Wellington Financial LP Fund II as part of its ongoing second round of venture capital financing. Montreal-based Airborne has created wireless applications for customers including the WWE, NHL and a number of cable networks and magazines owned by Time Warner and others.
tags: Mobile Games | Deal | Airborne Entertainment |

American Greetings Acquires MIDIRingTones

Authored by Mark Hefflinger on April 28, 2004 - 3:34am.

Cleveland, Ohio -- AG Interactive, a unit of American Greetings, announced on Wednesday that it has acquired MIDIRingTones, a provider of cell phone ringtones and other wireless entertainment. Financial terms of the deal were not disclosed. Greeting cards maker American Greetings said the acquisition is part of its expansion into the wireless market, kicked off with the launch of its AG Interactive division earlier this year. Since its inception in 2002, Minnesota-based MIDIRingTones has secured licensing agreements with over 75 music publishers.
http://biz.yahoo.com/prnews/040428/clw045_1.html
http://www.americangreetings.com 
http://www.midiringtones.com
tags: Deal | American Greetings | MIDIRingTones |