Playboy Enterprises, Inc. Signs Letter of Intent to Sell
Collectors' Choice Music Catalog
CHICAGO, June 8 /PRNewswire/ -- Playboy Enterprises, Inc.
(NYSE: PLA, PLAA) signed a letter of intent to sell its Collectors' Choice
Music catalog and related CollectorsChoiceMusic.com Web site to Chicago-based
Soundies, Inc., pending completion of legal and operational due diligence.
Linda Havard, chief financial officer of Playboy Enterprises, Inc., and Kevin
Parks, president of Soundies, Inc., made the announcement.
"Having examined various potential buyers for our catalog businesses,"
said Havard, "we are excited to move forward with Soundies, Inc. in the
acquisition of Collectors' Choice Music, as we believe there is a logical
strategic fit between the two businesses."
According to the terms outlined in the letter of intent, Soundies, Inc.
will continue to utilize the Playboy Catalog Group's customer service and
order fulfillment facilities. In addition, Gordon Anderson, vice president of
Collectors' Choice Music, will join Soundies, Inc. following the acquisition.
"This acquisition represents a milestone in our company's progress," said
Parks. "The synergies between our businesses are substantial, and we look
forward to working with Gordon Anderson in continuing to build the
Soundies/Collectors' Choice Music franchise."
The deal is expected to close this summer.
Collectors' Choice Music is America's leading catalog of re-issues on
compact disc and cassette. The 124-page catalog, which is published three
times a year, features more than 2,000 music titles from every musical genre,
including the latest and hardest-to-find collectible releases from the United
States and abroad. Additionally, the Collectors' Choice Music Web site
( collectorschoicemusic.com ) features more than 250,000 CDs and
cassettes, including new releases from today's pop artists, re-released
classics and limited editions.
Soundies, Inc. is a Chicago-based music label specializing in the
development of previously unreleased music from the Golden Age of American
entertainment. Exclusive products from the SOUNDIES Catalog
( soundies.com ) include jazz, big band, pop vocal, country and
western, and rock and roll artists from the 1930s through the 1960s. These
products are digitally remastered and meticulously researched for the
discerning collector.
SOURCE Playboy Enterprises, Inc.
-0- 06/08/2000
/CONTACT: Investors, Martha Lindeman, 312-373-2430, or media,
Angela De Paul, 312-373-2450, both of Playboy Enterprises, Inc./
/Web site: soundies.com /
/Web site: collectorschoicemusic.com /
(PLA) |
