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Technology Stocks : CDNow (CDNW)

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To: John May who wrote ()	7/13/1999 12:11:00 PM
From: Tae Spam Kim	of 1465

CDNow and Columbia House Merge - 11:47 AM EST - TK Another sign of industry consolidation as Amazon.com starts to destroy the competition. One of the leading online music stores, CDNow, will merge with Columbia House, a direct marketer of music and videos. Look for more second-tier players to merge in the coming year. CDNow shareholders will own 26% of the new company. CDNow, the online music store that recently completed one merger, said Tuesday it would merge again - this time with Columbia House, a club-based direct marketer of music and videos. CDNow also said Tuesday it will report lower than expected losses for the second quarter. The new merger will result in a public company, with 37 percent shares owned by each of Columbia House's parents, Sony Corporation (SNE) and Time Warner (TWX), CNNfn's parent company. CDNow's existing shareholders will own the remaining 26 percent. The new company will be an entertainment, e-commerce and direct marketing company that will be a key part of both Sony's and Time Warner's e-commerce activities

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