Waltham, Mass. - Steinway Musical Instruments (NYSE: LVB), the maker of pianos and other instruments, announced on Monday that it is paying $4.5 million to acquire ArkivMusic, an online retailer of classical music recordings.

Founded in 2002, ArkivMusic sells over 90,000 titles, including thousands of previously out-of-print recordings produced "on-demand" through its ArkivCD program.

"The company's annual revenue growth rate has accelerated over the last four years, exceeding 30% in 2007, with sales last year of just over $8 million," according to the announcement.

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http://www.steinwaymusical.com

http://www.arkivmusic.com