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UMG acquires EMusic

9 April 2001 15:04 by Petteri "dRD" Pyyny

Universal Music Group has agreed to acquire EMusic for $25 million. EMusic has been in financial troubles in past few months, laying off employees, selling parts of its business (IUMA) and facing the threat of de-listing from Nasdaq.

With the deal UMG gets a proven platform for its digital music service Duet it's about to open in co-operation with Sony Music.

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