Minneapolis, Minn. - Navarre Corp., a publisher and distributor of physical and digital home entertainment products, announced on Monday that it has sold its independent music distribution business to KOCH Entertainment for $6.5 million in cash.

Minnesota-based Navarre said the music distribution business generates around $50 million in annual net revenue.

Founded in 1987, KOCH Entertainment is a large independent music company that represents about 2.7% of the total U.S. market.

"The sale of Navarre Entertainment Media is a continuation of our strategy to assess all parts of the company that are in business sectors that are in decline to allow us to redeploy assets in stable and growth businesses," said Navarre CEO Cary Deacon.

"We realized that consolidation was inevitable in the Independent music sector in order to serve both, labels and their artists and the retail customers."

Related Links:
http://biz.yahoo.com/prnews/070514/clm050a.html?.v=2

http://www.kochent.com

http://www.navarre.com