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February 9, 2010
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| 16:43 EDT |  | RNWK |
| theflyonthewall.com: | RealNetworks and Viacom to separate Rhapsody into independent company | | RealNetworks (RNWK) and MTV Networks, a division of Viacom International (VIA), announced plans to restructure their digital music service joint venture, Rhapsody America, into a newly formed corporation that will operate independently from its parent companies. RealNetworks, currently the majority owner and operator of Rhapsody, and Viacom will restructure their ownership and rights in the joint venture to provide the necessary intellectual property rights to launch the new company as an independent entity. RealNetworks will also contribute operating capital as part of the transaction. Under the terms of the restructuring, which is expected to close at the end of Q1, RealNetworks will no longer have operating control over the venture, and Rhapsody will have no single majority owner. :theflyonthewall.com |
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