Nokia to Buy Music Vendor for $60 Million
From the Associated Press
Nokia Corp. said it had agreed to buy Seattle-based Loudeye Corp. for about $60 million as the world’s No. 1 cellphone maker seeks to grab a larger share of the growing digital mobile music market.
Under the deal, Nokia will pay $4.50 for each share of Loudeye, a provider of digital music platforms and digital media distribution services. Finland-based Nokia aims to provide a music download service under its own brand next year.
Loudeye shares rose $2.56, or 145%, to $4.33. Nokia’s U.S. shares fell 10 cents to $19.46.
