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Tue, 08 Aug 2006 Nokia buys Loudeye for 'iTunes killer'

Jonny Evans

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Mobile phone giant Nokia plans to buy digital music distributor Loudeye for $60 million.

The move is widely regarded as heralding an attempt by the mobile phone maker to develop its own music download service to compete with iTunes.

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Loudeye is an industry veteran. Its Windows-only service supplies the backbone for 60 music services in 20 countries. It currently offers a catalogue of 1.6 million tracks.

Nokia revealed that it sold 15 million music-enabled mobiles in the April-June quarter.

Anssi Vanjoki, European vice president and general manager of multimedia at Nokia said: "Music is a key experience for Nokia and Nokia Nseries multimedia computers. People should be able to access all the music they want, anywhere, anytime and at a reasonable cost. With this acquisition, we aim to deliver that vision and a comprehensive music experience to Nokia device owners during 2007."
 
Under the terms of the agreement, Loudeye stockholders will receive $4.50 per share in cash for each share of Loudeye common stock. The transaction is expected to be complete by the end of the year.

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