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Listen.com agrees to buy assets of Scour.com
- — 03 November, 2000 10:09
The agreement was filed on Wednesday in US Bankruptcy Court for the Central District of California, according to a joint statement issued by the companies Wednesday. Listen.com agreed to pay as much as $US5 million and 527,918 shares of preferred stock for Scour's assets, according to an official at Scour's public relations agency, Sitrick and Co.
The sale of Scour's assets, however, is not final; another company can outbid Listen.com. This competitive bidding process is required under the US bankruptcy code.
Scour offers Scour Exchange, a software program that allows peer-to-peer exchanging of files. The service is similar to that offered by music-exchange company Napster, with an emphasis on multimedia files.
The movie and recording industries, represented respectively by the Motion Picture Association of America (MPAA), the Recording Industry Association of America (RIAA) and the National Music Publishers Association (NMPA), filed suit against Scour on July 20. The organisations want Scour Exchange shut down, accusing it of infringing on their copyrights.
The sale will give Listen.com control over Scour's assets but will not make the company responsible for Scour's legal liabilities, Rob Reid, Listen.com's founder and chief executive officer said in the statement.
Listen.com says it is committed to providing "legal digital media." Certain Scour assets will be built into the Listen.com offering, the companies said.