News > Deals
EMusic tunes into a buy
November 30, 1999: 9:39 a.m. ET

Internet music retailer to buy privately held for $130M in stock
graphic graphic
NEW YORK (CNNfn) - Inc., a company offering downloadable music over the Internet, agreed Tuesday to buy privately held music Web-site operator for about $130 million in stock.
    The deal will boost the content offerings on, giving it control of Chicago-based Tunes.comís online music magazine and jazz news site,
    "This is a unique opportunity to accelerate the adoption of downloadable music, and further solidifies EMusic.comís position as a leader in online music,Ē CEO Gene Hoffman said.
    Redwood City, Calif.-based, founded in January 1998, offers music in the popular MP3 format, which gives users almost CD quality music for download. The company has about 50,000 tracks in its library, costing 99 cents apiece or $8.99 for an entire album.
    The deal is expected to close early next year.
    Shares of rose 1-3/16 to 16 Monday. Back to top


AOL to sell music online - Aug. 16, 1999


Note: Pages will open in a new browser window
External sites are not endorsed by CNNmoney