January 19, 2001, 12:00 AM

Ailing CDNow Nears Merger

CDnow, Port Washington, Pa., says it will announce a merger partner by June 30, a move that boosted its stock price and quelled concerns that the online music seller would fall victim to the Internet shakeout. CDnow founder and CEO Jason Olim on Friday said in a statement that the company "has attracted a number of investors· and is on schedule with its investment process." The company has a short list of prospective investors and merger partners whittled from more than 24 companies that have expressed an interest in acquiring or buying a stake in the company, it says.

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