Gonna Need Another Update...

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Dow Jones Business News
CNET to Acquire MP3.com From Vivendi's U.S. Unit
Friday November 14, 1:27 pm ET

NEW YORK -- CNET Networks Inc. (NasdaqNM:CNET - News) said it has signed a deal to acquire the assets of MP3.com Inc. from Vivendi Universal (NYSE:V - News) SA's U.S. Internet unit.

The deal is scheduled to close next month, according to a statement from CNET, the San Francisco-based online technology publisher. A spokeswoman said the company wouldn't disclose transaction terms....

The deal marks the end of a storied name in online music, at least in its current incarnation. Founded in 1997, the music Web portal MP3.com took its name from a popular format for digital music. The company rode the Internet stock frenzy to a $7 billion market capitalization at its peak valuation in 1999, then was hit with a barrage of lawsuits for illegal downloading, including one from Vivendi. In 2001, Vivendi agreed to acquire MP3.com for $372 million in cash and stock.

The CNET acquisition was first disclosed to MP3.com users in an e-mail and message-board posting Thursday. Many independent musicians who used the site to store, distribute and market their works expressed dismay at the message, which gave site users until Dec. 2 to move their stored information: "Promptly following the removal of the MP3.com Website, all content will be deleted from our servers and all previously submitted tapes, CD-ROMs and other media in our possession will be destroyed."

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