Sony Music Acquires 4% Stake in MusicNet
From Bloomberg News
Sony Corp.’s Sony Music Entertainment unit, which ranked fourth in U.S. album sales last year, bought a minority stake in Internet music service rival MusicNet.
Sony Music, co-owner of the Pressplay online subscription-music service with Vivendi Universal, bought a MusicNet note that is convertible into a 4% stake in the venture.
The biggest entertainment stories
Get our big stories about Hollywood, film, television, music, arts, culture and more right in your inbox as soon as they publish.
You may occasionally receive promotional content from the Los Angeles Times.
