Tuesday, August 21, 2007

RealNetworks, MTV Team On Audio Music Service

Seattle-based RealNetworks and MTV Networks are announcing today that the two are in new joint venture. The new venture, Rhapsody America LLC, combines RealNetworks Rhapsody service and MTV's Urge music service. The companies said in a filing with the SEC that they will be offering either, or both, free, advertising-support or subscription-based services. According to the firm's 8-K filing, MTVN will provide cash, a five year note for $230M, and other assets into the deal; Real will provide its subscribers, revenues from its existing Rhapsody service, along with related hardware and URLs.