In its second-largest acquisition, Amazon buys the company for $970 million.
Signaling a clear focus on profitability vs. entrepreneurship, Bertelsmann eCommerce Group, the new parent of CDNow, has named Jason Olim, founder, president and CEO of CDNow, as chairman of CDNow and senior advisor for music strategy of Bertelsmann eCommerce Group. CDNow's chief operating officer, Michael S. Krupit, has been named president. CDNOW Inc. was merged with Bertelsmann eCommerce Group, a wholly owned subsidiary of Bertelsmann Inc., on Sept. 1. Jason Olim and his brother Matthew created CDNOW in their parents' basement in 1994.