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Yahoo acquired Launch

28 June 2001 5:18 by Petteri "dRD" Pyyny

Yahoo! has agreed to acquire digital music website operator Launch Media for $12M inb cash, Launch announced today. Yahoo pays 92 cents for each share, giving 59% premium for shareholders (Launch's share price was $0.58 yesterday) and expects to complete the acquisition in Q3/2001.

As part of the deal, Yahoo extended its $3 million loan to Launch, in addition to a $2 million loan it provided Launch late last month. Launch media operations will continue to be based in Santa Monica, California, and its co-founders, Chief Executive Officer David Goldberg and President Bob Roback, will remain with Launch following the acquisition.

Additionally Launch settled its copyright dispute with four major record labels (all major ones except AOL TimeWarner) and will very likely remove interactive components from its Launchcast service that launched the lawsuit in May.

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Related articles:

  • Yahoo! shuts down Yahoo Radio (26 June 2002)
  • Yahoo cuts 29% of Launch's staff (22 August 2001)
  • Webcasters and recording industry go before arbitration panel Monday (27 July 2001)
  • Copyright Office lets webcasters arbitrate rate (17 July 2001)
  • MusicMatch settles with RIAA (16 July 2001)
  • Launch reinstates Launchcast service (16 June 2001)
  • Launch and MTVi sued RIAA (1 June 2001)
  • RIAA sues Launch (25 May 2001)
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