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Real Networks, Viacom Spin Off Rhapsody

  • CNET, Thursday, February 11, 2010 12:10 AM
RealNetworks and Viacom plan to spin off the Rhapsody subscription music service. At the same time, Real has decided to give up a controlling interest in the music service. The company will no longer own a majority stake in the company and will hold slightly less than 49% of the company's shares. Viacom owns a similar amount.

Real agreed to contribute $18 million to the new company. Under Real's control, Rhapsody has never really caught on with music fans, who prefer to own their songs. The spinning off of Rhapsody appears to be the first significant move made by Robert Kimball, who is interim CEO.

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