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Sony obtains digital media firm

Posted: 24 Apr 2008     Print Version  Bookmark and Share

Keywords:digital entertainment  digital media  software 

Sony Corp. of America (SCA) recently signed a merger agreement with Gracenote Inc., a digital entertainment firm, and will reportedly pay the latter approximately Rs.1,048.42 crore ($260 million) plus other contingent consideration.

"Gracenote is a global leader in technology and services for digital media identification, enrichment, and recommendation, and these capabilities will be essential to the next wave of innovation in content, services, and consumer electronics," said Tim Schaaff, SCA senior VP, software. "Sony sees tremendous growth potential in developing Gracenote as a separately run business unit, and by broadly embracing Gracenote's platforms, Sony expects to significantly enhance and accelerate its own digital content, service, and device initiatives."

"Having a closer connection with the content and digital services community will accelerate adoption of Gracenote technologies, and the relationship will also give us the resources necessary to rapidly expand development of next generation products for the industry," said Craig Palmer, Gracenote CEO.

Gracenote's existing business will continue to operate separately. As a wholly owned Sony subsidiary, Gracenote will continue to develop new technologies in existing as well as new areas of operation. The senior management team will remain with the company.

Sony and Gracenote anticipate that the transaction will close in late May, subject to certain regulatory and other approvals.





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