Sony completes buyout of Bertelsmann's stake in music label October 2, 2008
"Bertelsmann AG's planned divestiture from the Sony BMG Music Entertainment Inc. joint venture is now complete, as Sony Corp. [SNE] announced that it had bought out the German media giant's 50% stake. The sale, rumored for months and announced Aug. 5, was approved by EU regulators in mid-September.
The newly renamed Sony Music Entertainment Inc. will be a wholly-owned subsidiary of Sony Corp. Bertelsmann's stake was valued at $900 million, but an additional $300 million in cash on the company's balance sheet pushed the value of the deal up to $1.2 billion." [TheDeal]
Play.com Steps Up Music Download Battle With 3 Million DRM-free Tracks From All Four Majors 10 Oct 2008
"UK e-tailer Play.com has stepped into the music download battle by signing the four major music labels to its PlayDigital online store to offer more than 3 million DRM-free MP3 tracks that can be played on any device. In a move directly aimed at iTunes, tracks and albums currently being sold at a cheaper price than at the Apple- owned store. More details at sister site paidContent.co.uk." [PaidContent]
Baidu Unveils New Internet Song Channel October 22, 2008
"After Google (GOOG) launched a free genuine music search service, Chinese search engine Baidu (BIDU) has now also taken action to resolve the problems brought by pirated music and the search company ahs launched a channel for newly published songs and music.
The new channel, which is entitled "New Song Debut", is a cooperation with seven record companies, including Emperor Entertainment Group, Ocean Butterflies Music Group, EMI Music, Music Nation, Rock Records & Tapes, Huayi Brothers and B in Music." [ChinaNews]
Blip.fm raises funding, CEO Yasuda discusses reorg October 23, 2008
"Fuzz Artists Inc. chief executive Jeff Yasuda revealed to me Monday at the SanFran MusicTech Summit that his company has raised additional funding in support of its Blip.fm social music playlisting service. We followed up that brief conversation with a longer one, in which he offered additional details on the fundraising and his plans for the company.
Yasuda hit up Fuzz's existing angel investors for the company's fourth installment of capital since 2005, although the total funding for his operation remains less than $10 million. He declined to name the investors. The entrepreneur said in May that unidentified individuals connected with Google Inc. [GOOG] have invested in the past. The round remains open, with room for first-time backers to participate, Yasuda added." [TheDeal]
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