Seattle
– Rhapsody, the digital music service launched by RealNetworks (NASD: RNWK) seven years ago that
would later become a joint venture with Viacom’s (NYSE: VIA) MTV Networks, has officially
spun-off to become an independent company. Under the terms, the two companies will jointly own 95% of the new entity,
Rhapsody International.
Rhapsody
International will receive $18 million from RealNetworks and $33 million in
advertising commitments from MTV.
To coincide with the split, Rhapsody debuted a new
discounted pricing structure and a mobile application for the Android platform.
The new Rhapsody Premier subscription plan offers unlimited streaming to any
Internet-connected device — including mobile phones — for $10 per month;
previously, a plan that included mobile cost $15 per month.
Related Links:
http://investor.realnetworks.com/secfiling.cfm?filingID=950123-10-32214
http://snipurl.com/vakdo
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