Nokia to Acquire Loudeye and Launch Mobile Music Service
Posted on: Tuesday, 8 August 2006, 15:00 CDT
Nokia is to acquire Loudeye, a developer of digital music platforms and digital media distribution services, for roughly $60 million, as it seeks to launch a range of mobile music services in 2007. These will include devices, applications and the ability to purchase digital music.
US-based Loudeye operates 60 live services in over 20 countries, and aggregates rights and content from all major labels and hundreds of independents to offer a licensed catalog of over 1.6 million tracks.
The Finnish mobile firm claims to be the biggest seller of music enabled devices, selling 15 million in the second-quarter compared to Apple's 8.1 million iPods.
Under the terms of the agreement, Loudeye stockholders will receive $4.50 per share in cash for each share of Loudeye common stock. The transaction is expected to be completed in the fourth quarter of 2006.
Source: Datamonitor
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