Business Services Industry
Sony-Time Warner Enterprise to Buy On-Line Music Retailer.
Knight Ridder/Tribune Business News, July, 1999 by Warner, Susan
Knight Ridder/Tribune Business News
Jul. 14 -- CDnow Inc., the on-line music retailer, said yesterday it will be acquired by Sony Corp. and Time Warner Inc., owners of the Columbia House music club.
Sony and Time Warner will meld Columbia House, which has been slow to adapt to e-commerce, with CDnow's online business.
Columbia House had 16 million active customers and $1.4 billion in sales last year. CDnow has 2 million customers and sales of $71 million for the first half of this year.
The marketing heft of Columbia House and its parents will help the new, as-yet-unamed company, expand CDnow's online sales, and speed its plan to become the leader in selling recorded music digitally off the Internet, said Jason Olim, co-founder and...
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