RealNetworks, MTVN To Spin Off Rhapsody; Real Gives Up Control
PaidContent Feb 09 10
The groundwork has already been laid and now it’s official: RealNetworks (NSDQ: RNWK) is spinning off music service Rhapsody in the hopes of giving both companies a better chance at success. Real will reduce its interest in the Rhapsody America joint venture to below 50 percent to match Viacom’s, giving up control of Rhapsody and making room for more investors. Real will contrbute some cash; MTV Networks (NYSE: VIA) will put in advertising. The new company, which will operate independently, will be known as Rhapsody
The SEC filing comes scant weeks after the resignation of founder Rob Glaser as CEO but was well in the works before he gave up the operating role, keeping that of chairman. Full story...
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