Petteri Pyyny
24 Mar 2001 2:56
Vitaminic, online music site which promotes unsigned artists and is very strong MP3.com's competitor specially in Europe, has acquired IUMA.com from EMusic in order to build Vitaminic's brand better in the States.
Vitaminic will pay $400,000 in cash and $500,000 in company stock for IUMA to EMusic, which acquired the site back in 1999 for 448,000 shares of its common stock. EMusic which has been really badly beaten by markets in recent months stopped funding the IUMA site earlier this year.
This is the second acquisition of Vitaminic within a month; two weeks ago Vitaminic acquired Eurekan Multimedia which runs two French music sites, FranceMP3.com and MP3France.com.