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Vivendi shuts down MP3.com Europe, plans to sell U.S. part

Written by Petteri Pyyny (Google+) @ 09 Jul 2003 14:06

Vivendi shuts down MP3.com Europe, plans to sell U.S. part French media giant Vivendi continues to scrap its media assets in order to reduce its massive debt levels. The owner of world's largest record label, one of the biggest movie studios and tons of other media outlets, has decided to shut down the European operations of MP3.com.
Vivendi bought MP3.com in 2001 for $372 million and now company is planning to sell the American main operations of MP3.com as well. Analysts are sceptical whether there is enough interest to gather even a small percentage of the original buying price -- or will there be any bidders who would want to buy MP3.com as a whole.

According to Leanne Sharman, the vice president of sales and marketing at MP3.com Europe, the European operations had just started to see significant revenue streams, but the decision to shut down the European operations was mostly done because of "corporate strategic reasons".

Source: Guardian

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