updated 11:30 am EDT, Tue September 14, 2004
Yahoo! buys MusicMatch
Yahoo! today announced that it has in a deal that will practically double its reach in the fast-growing online music business, according to TheStreet.com Yahoo! "will pay $160 million in cash for the closely held San Diego-based provider of personalized music software and services. The deal signals Yahoo!'s decision to go toe-to-toe with big music players like Apple and RealNetworks as the digital music industry expands. 'Yahoo! is committed to being a major player in digital music,' said CEO Terry Semel. 'This combination bolsters our strategy to capture the largest audience of consumers as they make the shift to digital music...This acquisition is one of several product innovations and new initiatives in which Yahoo! will invest to build our music portfolio this year and in the future.'"