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| MTV sinks $230 million into Rhapsody America |
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| Business and Law | ||||
| By Wolfgang Gruener | ||||
| Tuesday, August 21, 2007 16:33 | ||||
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During a conference call today, Real networks CEO Rob Glaser said that his company is holding 51% of the newly formed Rhapsody America, while 49% went to Viacom's MTV Networks in exchange for a $230 million worth of advertising over five years.
Verzion Wireless, the third partner mentioned in the deal between URGE and Rhapsody, does not hold any shares in this new joint-venture. Glaser said that Rhasody America should see an immediate boost in revenues as a result of the addition of URGE subscribers to Rhapsody America – which indicates that Real and MTV will aim for a rather quick transition to the new service.
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