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Bertelsmann Buys Myplay
German media conglomerate Bertelsmann AG announced Wednesday it was buying Myplay, whose technology allows music buffs to store songs on the Internet, as part of an effort to consolidate its online music strategy. With the $30 million acquisition, Bertelsmann plans to combine Myplay, a Redwood City, Calif. company, with its other music distribution businesses, which include the online retailer CDNow and its BMG music club, into a new entity called BeMusic. Myplay, which launched in 1999 and has yet to turn a profit, recently laid off nearly half of its staff. Its 31 remaining employees will work for BeMusic. Like… Read more »