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

Joe Kleinwaechter / Mobile Commerce

How to make it easier for shoppers to buy on mobile devices

They want to browse online, continue their search on mobile websites and complete a purchase ...

FPO

Bart Mroz / E-Commerce

Offer last-minute back-to-school promotions online

Web-only offers require no extra inventory in stores. Check with local school districts and promote ...

Advertisement