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Nokia Acquires Digital Music Firm Loudeye for $60 Million

Authored by Mark Hefflinger on August 8, 2006 - 1:25pm.
Espoo, Finland - Nokia announced on Tuesday that it has acquired Loudeye, a provider of branded digital music stores, for $60 million. Under the terms, Loudeye shareholders will receive $4.50 per share in cash for each share of Loudeye stock they own. Founded in 1997, Seattle-based Loudeye operates 60 digital music stores in more than 20 countries for partners including Coca-Cola, MSN, MTV and Tiscali. The company reported 2005 revenues of $20.3 million. Nokia said it sold more than 15 million music-enabled devices during the second quarter. "People should be able to access all the music they want, anywhere, anytime and at a reasonable cost. With this acquisition, we aim to deliver that vision and a comprehensive music experience to Nokia device owners during 2007," said Anssi Vanjoki, executive vice president and general manager of multimedia at Nokia. The transaction is expected to close in the fourth quarter of 2006.

http://biz.yahoo.com/prnews/060808/uktu008.html?.v=73
http://www.nokia.com
http://www.loudeye.com
tags: Deals | Mobile | Mobile Music | Tech | Music | Acquisitions | Loudeye | Nokia | Music Tech | Finland |



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