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To: Paul Viapiano who wrote (57200)	5/18/1999 7:15:00 AM
From: Glenn D. Rudolph	Read Replies (1) \| Respond to of 164684

Amazon acquires minority stake in: HOMEGROCER.COM REUTERS Rtr 07:02 05-18-99

To: Paul Viapiano who wrote (57200)	5/18/1999 7:28:00 AM
From: Glenn D. Rudolph	Respond to of 164684

CDnow opens enlarged music site, set to go digital NEW YORK, May 18 (Reuters) - CDnow Inc.<CDNW.O>, the No. 1 online music company, on Tuesday launched the Web's biggest music store and said it expected to be the first retailer to sell digital music online when it rolls out a service this autumn. The Web site, located at cdnow.com, combines the company's online offerings with those of N2K Inc., which CDnow acquired for $522 million. The site offers CDnow's two million customers over 500,000 music-related products and a wide range of music samples and reviews. It replaces N2K's well-known Music Boulevard online store. Jason Olim, the company's 29-year old president and chief executive, said the new CDnow store marks another landmark in the company's race to outpace archrival Amazon.com <AMZN.O>, the Web's leading retailer. "We have already soundly beat them in building a brand that is a music-buying brand," Olim said in a telephone interview. "Now we're going to be out with digital distribution this fall." Officials at Amazon.com were not immediately available to comment on its online music plans. Some analysts have said CDnow will struggle to keep up with Amazon's margins as it sells Internet users the same products. CDnow says it can offer Internet users a better online store and can compete on price. Olim said no other online retailer is talking about when it will go to market with digital Web music. "There are plenty of places to download, but nobody's selling digital music online," said Olim, who founded CDnow as a 19-year-old college student. He declined to comment on what form of secure digital music technology CDnow would use on its site. CDnow not only faces competition from Web retailers but record companies like Universal Music, a unit of Seagram Co Ltd.<VO.TO>, BMG Entertainment, a unit of Bertelsmann AG <BTGGg.F>, and Sony Corp.<6758.T>. All of them have announced plans to sell music on the Web. Olim said CDnow was four years ahead of record labels in terms of selling music online and already has a solid customer base. "They're in the stone age," he said.