Tuesday, August 8, 2006

Nokia Buys Loudeye

Nokia has acquired Seattle-based Loudeye, saying today that it will acquire the firm for $60M US. Loudeye develops digital music platforms and a digita media distribution service. According to Nokia, it will pay $4.50 per share of cash for each share of Loudeye common stock. Nokia said that by acquiring Loudeye, it can offer consumers a comprehensive mobile music experience. The transaction is expected to close in the fourth quarter of 2006. Loudeye reported revenues of $20.3M in 2005, and employs 130 people.