EMusic.com Snaps Up RollingStone.com Outfit
EMusic.com Inc., a seller of downloadable music on the Internet, has signed a definitive agreement to acquire privately held Tunes.com, the Chicago-based operator of RollingStone.com and DownBeatJazz.com, for about $130 million in stock. Tunes.com is the third most-visited network of music Web sites, with more than 28 million page views and about 1.3 million visitors per month. The stock-for-stock transaction is valued at about $130 million, based on Friday's closing price of EMusic.com stock. Completion of the acquisition, expected next quarter, is subject to customary terms and conditions. Upon completion of the acquisition, the EMusic family of Web sites will be a leading destination for downloadable music and music information on the Internet, the company said. Source: The Hollywood Reporter