January 19, 2001, 12:00 AM

CDNow-Columbia House Merger Off

CDNow, Time Warner Inc. and Sony Corp. have called off the merger of CDNow and Columbia House. Instead, Time Warner and Sony will invest $21 million in CDNow and convert an existing $30 million loan commitment into long-term convertible debt.

Under the revised deal, CDNow remains an independent public company with continued ties to Time Warner, Sony and Columbia House.

"We are obviously disappointed that the merger originally envisioned last July will not be completed," CDNow CEO Jason Olim said in a statement. "However, we feel the termination of the merger is the best move for CDNow and its shareholders." CDNow says it has retained Allen & Co. to explore its strategic options.

comments powered by Disqus

Advertisement

Advertisement

Advertisement

From IR Blogs

FPO

Jochen Moll / B2B E-Commerce

Grasping the global dimensions of B2B e-commerce

To successfully sell online to businesses around the world suppliers must get a lot of ...

FPO

Bart Schaefer / E-Commerce

Applying back-to-school lessons to holiday e-mail strategy

It’s time to begin holiday “drip” campaigns that send a sequence of messages to consumers, ...

Advertisement