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DreamWorks Animation Unit Files for $650 Million IPO

Authored by Mark Hefflinger on July 21, 2004 - 5:00am.
Glendale, Calif. -- Movie studio DreamWorks, a joint venture between Steven Spielberg, Jeffrey Katzenberg and David Geffen, announced on Wednesday that its DreamWorks Animation unit has filed with the SEC for an initial public offering of shares that aims to raise $650 million. Katzenberg will become CEO of the new company, which produced the successful "Shrek" animated films, and expects the offering to double its production capabilities. The animation studio plans to use $175 million from the IPO for potential acquisitions and joint ventures, according to the SEC filing.
tags: IPO | DreamWorks | Animation |

Apple Licenses European Indie Record Labels for iTunes Music Store

Authored by Mark Hefflinger on July 21, 2004 - 4:59am.
Cupertino, Calif. -- Apple announced on Wednesday that it has signed licensing agreements with three large European independent record labels for its iTunes Music Stores in the U.K., France and Germany. Tens of thousands of songs from artists on labels controlled by Beggars Group, Sanctuary Records Group and V2 -- including Interpol, the Pixies, The Crystal Method and The White Stripes -- will now be available for purchase by European iTunes customers. Apple launched its European iTunes Stores without a deal in place with independent record labels, and has since worked to fill those gaps in its catalog. "We now have a standard agreement. It's a deal that all UK and European independent labels can get from Apple," Sam Sheptob, a spokesman for indie label trade group the Association of Independent Music, told Reuters.
tags: Europe | Apple | iTunes | Store | Musics |

Israeli P2P Firm iMesh Pays RIAA $4.1 Million to Settle Copyright Suits

Authored by Mark Hefflinger on July 21, 2004 - 4:57am.
New York -- Israeli peer-to-peer file-sharing network iMesh announced on Wednesday that it has settled copyright infringement litigation filed against the company by the major record labels, agreeing to pay $4.1 million in damages to the Recording Industry Association of America (RIAA). The labels filed suit against iMesh, which claims 10 million users, in September 2003. iMesh now plans to launch a secure file-sharing network later this year, and said it will continue to operate its peer-to-peer network as a software distribution platform until the new service is launched. "Entering into this agreement with key players within the entertainment industry to put the lawsuit behind us will allow us the opportunity to migrate to a business model that will continue to provide users with the P2P experience that they have come to expect from iMesh," said iMesh chief operating officer Ofer Shabtai.
tags: Deals | RIAA | iMesh | Israeli P2P | Copyright Suits |

Report: Global MP3 Player Sales Will Double in 2004 to 20 Million

Authored by Mark Hefflinger on July 21, 2004 - 4:56am.
London -- Global sales of MP3 players are expected to double in 2004, to more than 20 million units, according to London-based market research firm Informa Media Group. Sales are also projected to grow at an average annual rate of almost 45% for the next six years, with sales of 194 million units predicted for 2010. "As legal downloading is in an early stage of development, incompatibility with some portable players is not an issue" said Informa senior research analyst Simon Dyson. "However, if recent forecasts for digital sales growth are accurate, incompatibility between some downloads and the most popular portable players could become an issue in the very near future." Currently, tracks purchased from Napster and other Microsoft-powered services are not compatible with Apple's iPod, and songs from Apple's iTunes Store aren't compatible with a number of portable devices.
tags: Reports | Global | MP3 Player | Double |

Gaming Console Developer Infinium Labs Gets $50 Million Credit Line

Authored by Mark Hefflinger on July 21, 2004 - 4:55am.
Sarasota, Fla. -- Infinium Labs, developer of the Phantom PC-based broadband gaming console, announced that it has secured a new $50 million credit line from an institutional investor. The new line replaces an earlier equity investment of $46 million from SBI-USA, Trilogy Capital Partners, HaDavar HaNachon and Reich Capital, which the company has cancelled. Infinium CEO Timothy Roberts said the new deal is less dilutive to shareholders, provides better terms and is a better fit for the company's capital plan and budgetary needs. Florida-based Infinium said it plans to release its Phantom game console in the fall.
tags: Games | Infinium Labs | Credit Line |

Comcast, Disney Sign Broadband Content Distribution Deal

Authored by Mark Hefflinger on July 21, 2004 - 4:54am.
Philadelphia -- Comcast, the nation's largest cable TV operator, announced on Wednesday that it has signed a deal with Walt Disney Internet Group and ABC News to provide broadband video and games on the Comcast.net portal it provides for its subscribers. Disney will provide Disney Connection, a broadband games site for kids 3-11, while ABC News will offer on-demand video and 24/7 live streaming news from ABC News Live to Comcast's 5.7 million broadband subscribers, at no additional cost. The deal includes access to episodes of "Nightline," "Good Morning America," "20/20" and "Primetime Live."
tags: Deals | Broadband | Disney | Comcast | Distribution Deal |

iTouch Buys Jippi Mobile Entertainment for $37 Million

Authored by Mark Hefflinger on July 21, 2004 - 4:53am.
Dublin -- iTouch, a U.K.-based mobile services group, said on Wednesday that it would buy Jippii Mobile Entertainment, a unit of Finland-based telecommunications provider Saunalahti Group, for more than $37 million. Under the terms of the acquisition, iTouch will pay 5 million euro in cash and 7 million euro in iTouch shares. The remainder, which is dependent on Jiippi's financial performance, will also be paid in shares, iTouch said. iTouch said deal would give it access to new markets in Belgium, Finland, the Netherlands, Norway, Sweden and Russia.
tags: Mobile Entertainment | iTouch | Jippi |