March 2000
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March 2000
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Sony and Time Warner abandon plan to buy CDnow 14 March 2000 Sony and Time Warner announced last July that they would purchase online music retailer CDnow pending US government approval. In December the Federal Trade Commission launched an anti-trust investigation against the entertainment behemoth. And this week they announced that they’ve changed their minds. While Sony and Time Warner will still invest US$51 million (£31.8 million) in CDnow, the company remains independent. As is typical of Web based retailers, CDnow still loses money. They recently said that they will work to lower marketing expenses but will not lay off any workers. | Billboard story | | top of page | |
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