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Industry: Email Alert RSS FeedLycos Buys Net Music Distribution for Sonique MP3 Player
Computergram International, August 9, 1999
Lycos Inc has acquired Internet Music Distribution Inc (IMDI), formerly known as MediaScience. The company makes Sonique, an MP3 player and rival to Diamond Multimedia Systems Inc's celebrated Rio device. Lycos has purchased IMDI for 1.1 million shares of Lycos stock plus potential additional consideration if the Sonique product continues to do well.
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Reuters estimates the value of the deal at around $38.8m. President and CEO Bob Davis explains the acquisition as part of a strategy to make Lycos a "multimedia company." He says that the Sonique player to Lycos' MP3 Search should make is easier for users to locate and play the music they want to hear. Lycos hopes to become a one-stop destination for search and playback.
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