Sony Buys Gracenote
April 23, 2008 at 5:29 AM (PT)
Internet music identification database operator GRACENOTE, INC. is being acquired by SONY CORPORATION OF AMERICA in a merger deal valued at about $260 million plus other contingent consideration. GRACENOTE (formerly CDDB), based in EMERYVILLE, CA, provides track and album information for iTUNES, WINAMP and other music players. The company will operate as a separate, wholly-owned SONY subsidiary. Closing is expected in late MAY.
"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 SONY SVP/Software TIM SCHAAFF. "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."
"We are very pleased to join SONY as its strategic vision is very much in line with our own," said GRACENOTE CEO CRAIG PALMER. "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."