The name that has become synonymous with direct mail music sales is now about to swallow up one of the Internet’s retail music pioneers. CDNow Inc. (Nasdaq: CDNW) plans to merge with Columbia House, the music and video club owned by Sony Corp. of America (NYSE: SNE) and Time Warner Inc. (NYSE: TWX). Sony and Time Warner will each own 37 percent of the new company, with the rest owned by CDNow’s shareholders.
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Columbia House Swallows Up CDNow
Posted by: Mary Hillebrand July 13, 1999 12:00 AMThe name that has become synonymous with direct mail music sales is now about to swallow up one of the Internet’s retail music pioneers. CDNow Inc. (Nasdaq: CDNW) plans to merge with Columbia House, the music and video club owned by Sony Corp. of America (NYSE: SNE) and Time Warner Inc. (NYSE: TWX). Sony and Time Warner will each own 37 percent of the new company, with the rest owned by CDNow’s shareholders.