MP3.COM GETS ON THE RADIO
With a copyright infringement suit pending and his company's shares in a free fall (closing at 10 1/4 as of today), Robertson acquired a majority position in MP3radio.com from joint venture partner Cox Interactive Media.
The Atlanta-based company, expected to relocate to San Diego, provides localized music information and free music downloads to radio stations across the country, with a total of 413,000 unique visitors monthly.
"To more effectively leverage our resources, both companies felt that, by bringing MP3 radio's operations under MP3.com, we could offer a coordinated suite of products and services to the over-the-air radio market," said Robertson. "Plus, they agreed to sell it for 1,987,432 shares of stock, which is now worth about $2.75."
Affiliate stations will now have access to MP3.com's event and community calendar, one-hour syndicated radio programming and the controversial My.MP3.com service that allows listeners to store, manage and listen to their existing music collection via the participating station's Web site.
"By linking MP3radio.com's network and industry expertise directly into MP3.com and our extensive catalog of artists and music, we are continuing our commitment to bring music to anyone, anytime, anywhere," added Robertson, apparently quoting Peter Townshend, whose music Michael is too young to fully appreciate. "Now even hilary rosen',390,400);">hilary rosen',390,400);">Hilary Rosen can listen to her favorite tunes in the shower."
MP3Radio.com President/COO Greg Lindahl is expected to stay in Atlanta with Cox in a position soon to be announced.
