MusicNet sold by RealNetworks, other founders

Online music retail service provider, MusicNet has been sold by shareholders, including RealNetworks Inc.

Online music company MusicNet has been sold to the private equity company Baker Capital for an undisclosed amount, it said Wednesday.

MusicNet, which sells digital music subscriptions, portable subscriptions and downloads as a private label to retailers, was one of the first digital music companies, launched in 1999 by RealNetworks, Time Warner (which at the time owned Warner Music), Bertelsmann, and EMI Group.

MusicNet serves over 500,000 subscribers through its partners, including America Online (AOL), Virgin Digital (owned by Virgin Group), HMV Group and Trans World Entertainment, it said.

Though the full terms of the agreement were not disclosed, RealNetworks said Tuesday in a separate release that for its 40 percent stake in MusicNet, it has received US$7.3 million and expects another $2.7 million after escrow arrangements expire.

Baker Capital, in New York, focuses on investing in digital communications businesses and said it will invest to expand the scale of MusicNet's operations in mobile and international markets. It also plans for MusicNet to continue operating as an independent company with headquarters in New York and additional offices in Seattle.

Join the newsletter!

Error: Please check your email address.
Rocket to Success - Your 10 Tips for Smarter ERP System Selection
Keep up with the latest tech news, reviews and previews by subscribing to the Good Gear Guide newsletter.

Laura Rohde

IDG News Service
Show Comments

Cool Tech

Breitling Superocean Heritage Chronographe 44

Learn more >

SanDisk MicroSDXC™ for Nintendo® Switch™

Learn more >

Toys for Boys

Family Friendly

Panasonic 4K UHD Blu-Ray Player and Full HD Recorder with Netflix - UBT1GL-K

Learn more >

Stocking Stuffer

Razer DeathAdder Expert Ergonomic Gaming Mouse

Learn more >

Christmas Gift Guide

Click for more ›

Most Popular Reviews

Latest Articles

Resources

PCW Evaluation Team

Walid Mikhael

Brother QL-820NWB Professional Label Printer

It’s easy to set up, it’s compact and quiet when printing and to top if off, the print quality is excellent. This is hands down the best printer I’ve used for printing labels.

Ben Ramsden

Sharp PN-40TC1 Huddle Board

Brainstorming, innovation, problem solving, and negotiation have all become much more productive and valuable if people can easily collaborate in real time with minimal friction.

Sarah Ieroianni

Brother QL-820NWB Professional Label Printer

The print quality also does not disappoint, it’s clear, bold, doesn’t smudge and the text is perfectly sized.

Ratchada Dunn

Sharp PN-40TC1 Huddle Board

The Huddle Board’s built in program; Sharp Touch Viewing software allows us to easily manipulate and edit our documents (jpegs and PDFs) all at the same time on the dashboard.

George Khoury

Sharp PN-40TC1 Huddle Board

The biggest perks for me would be that it comes with easy to use and comprehensive programs that make the collaboration process a whole lot more intuitive and organic

David Coyle

Brother PocketJet PJ-773 A4 Portable Thermal Printer

I rate the printer as a 5 out of 5 stars as it has been able to fit seamlessly into my busy and mobile lifestyle.

Featured Content

Product Launch Showcase

Latest Jobs

Don’t have an account? Sign up here

Don't have an account? Sign up now

Forgot password?