NEW YORK (CNNfn) - EMusic.com Inc., a company offering downloadable music over the Internet, agreed Tuesday to buy privately held music Web-site operator Tunes.com for about $130 million in stock.|
The deal will boost the content offerings on EMusic.com, giving it control of Chicago-based Tunes.comís online music magazine RollingStone.com and jazz news site, DownBeatJazz.com.
"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 EMusic.com CEO Gene Hoffman said.
Redwood City, Calif.-based EMusic.com, 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 EMusic.com rose 1-3/16 to 16 Monday.