Cox Interactive Media Invests in MP3.com
Posted on June 9, 1999MP3.com, Inc. has announced that Cox Interactive Media, Inc. ("CIMedia") has invested $45 million in MP3.com. CIMedia is a subsidiary of Cox Enterprises, Inc., a leading media company whose business includes newspapers, broadcasting, cable television distribution and auto auctions. CIMedia operates a network of websites including 25 city sites.
In connection with the investment, CIMedia and MP3.com have formed a joint venture to conduct cooperative activities, including the creation and operation of a number of music-related websites. Both companies will make approximately equal financial contributions to the new venture, and there will be advertising and e-commerce revenue sharing arrangements between the joint venture and MP3.com.
In connection with CIMedia's investment in MP3.com, MP3.com appointed David Easterly, of Cox Enterprises, Inc., to MP3.com's Board of Directors. MP3.com, Inc. is pioneering a revolutionary approach to the promotion and distribution of music. The Company uses the Internet and data compression technologies to enable a growing number of artists to broadly distribute and promote their music and to enable consumers to access this expanding music catalogue. The Company's website contains over 56,000 songs from over 11,000 artists. Consumers can search, sample and download music free of charge.