The Orchard And DMG Merge
July 11, 2007 at 5:54 AM (PT)
THE ORCHARD ENTERPRISES and DIGITAL MUSIC GROUP have entered into a merger agreement. The combined business will retain DMGI's NASDAQ listing and change its name to THE ORCHARD. Current ORCHARD Pres./CEO GREG SCHOLL will lead the combined company, which will control a substantial catalogue of entertainment assets, with over 1 million music recordings and thousands of hours of television, film and video programming.
"DMGI and THE ORCHARD create a powerful combination in the rapidly growing digital media industry," said SCHOLL. "There are substantial opportunities for combined revenue synergies and cost reductions. DMGI adds exciting new artists and record labels to THE ORCHARD's already extensive music catalogue and provides the combined company an immediate and significant leadership position in the digital distribution of independently owned TV, film and video content."