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!

Or

Sign up to gain exclusive access to email subscriptions, event invitations, competitions, giveaways, and much more.

Membership is free, and your security and privacy remain protected. View our privacy policy before signing up.

Error: Please check your email address.
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

Brand Post

Most Popular Reviews

Latest Articles

Resources

PCW Evaluation Team

Jack Jeffries

MSI GS75

As the Maserati or BMW of laptops, it would fit perfectly in the hands of a professional needing firepower under the hood, sophistication and class on the surface, and gaming prowess (sports mode if you will) in between.

Taylor Carr

MSI PS63

The MSI PS63 is an amazing laptop and I would definitely consider buying one in the future.

Christopher Low

Brother RJ-4230B

This small mobile printer is exactly what I need for invoicing and other jobs such as sending fellow tradesman details or step-by-step instructions that I can easily print off from my phone or the Web.

Aysha Strobbe

Microsoft Office 365/HP Spectre x360

Microsoft Office continues to make a student’s life that little bit easier by offering reliable, easy to use, time-saving functionality, while continuing to develop new features that further enhance what is already a formidable collection of applications

Michael Hargreaves

Microsoft Office 365/Dell XPS 15 2-in-1

I’d recommend a Dell XPS 15 2-in-1 and the new Windows 10 to anyone who needs to get serious work done (before you kick back on your couch with your favourite Netflix show.)

Maryellen Rose George

Brother PT-P750W

It’s useful for office tasks as well as pragmatic labelling of equipment and storage – just don’t get too excited and label everything in sight!

Featured Content

Product Launch Showcase

Don’t have an account? Sign up here

Don't have an account? Sign up now

Forgot password?