|
Bertelsmann buys Myplay
|
 |
May 30, 2001: 12:30 p.m. ET
Price of German firm's purchase of internet music site not disclosed
|
NEW YORK (CNNfn) - Bertelsmann AG agreed Wednesday to acquire Myplay Inc., the latest effort by a major label to put its music on the Internet.
Bertelsmann's e-commerce group inked a deal to buy the Internet start up for an undisclosed amount though press reports pegged the purchase at $30 million. Myplay will be merged into Bertelsmann's BeMusic division, which represents the company's online and offline music assets, including CDNow, the company said.
The Myplay acquisition follows Vivendi Universal's (V: down $0.63 to $65.12, Research, Estimates) agreement to purchase of MP3.com for $372 million earlier this month.
The German media firm broke ranks with other major labels last October when it dropped its copyright suit and aligned itself with Napster Inc. Bertelsmann agreed to develop a subscription-based service that will allow consumers to use Napster's Internet service while at the same time providing payments to the copyright holders.
Founded in 1999 by former Apple computer colleagues Doug Camplejohn and David Parkman, Redwood City, Calif.-based Myplay gives users the ability to store, manage and legally share their personal music collections online.
Myplay has been on the block for some months and laid off 41 percent of its staff in February, press reports said. At the time, the startup said it was changing its business focus to help other companies sell music subscriptions on the Web. 
|
|
|
|
|
 |
|
