YAHOO! To Acquire Musicmatch
Acquisition Furthers Yahoo!'s Commitment to Providing the Most
Comprehensive Suite of Music Services for Consumers,
Marketers, Artists and Labels
Significantly Widens LAUNCH's Lead as the #1 Online
Music Destination
Laptop Battery Sunnyvale & San Diego, CA -- September 14, 2004 -- Yahoo!
Inc. (Nasdaq:YHOO - News), a leading global Internet company, and
Musicmatch, Inc., a leading provider of personalized
music software and services, today
announced they have signed a definitive agreement under which
Yahoo! will acquire Musicmatch for a purchase price of
approximately $160 million in cash.
"Yahoo! is committed to being a major player in digital music,"
said Terry Semel, chairman and chief executive officer, Yahoo! Inc.
"This combination bolsters our strategy to capture the largest
audience of consumers as they make the shift to digital music and
supports Yahoo!'s goal to give consumers the greatest choice,
control and flexibility in how they interact with their music. This
acquisition is one of several product innovations and new
initiatives in which Yahoo! will invest to build our music
portfolio this year and in the future."
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Thinkpad Founded in 1997, Musicmatch pioneered complete digital music
management technology. Its assets include Musicmatch Jukebox
software, which allows consumers to play, burn, download, discover,
and organize an entire music collection; the online Musicmatch
Radio network, which offers free and premium streaming access to
more than 900,000 songs and more than 200 pre-programmed stations;
and the Musicmatch Music Store a la carte song download service,
which offers access to more than 700,000 tracks. Most recently, the
company introduced the Musicmatch On Demand streaming music
subscription service, providing unlimited access to more than
700,000 songs from any computer as well as legal music sharing
through its innovative "Send to a Friend" feature. The Musicmatch
Jukebox is available in ten languages, including Spanish, French
and German.
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Microsoft The combination will substantially increase Yahoo!'s music reach
from 12.9 million to an estimated 23 million listeners (Source:
Nielsen//NetRatings, August 2004). This extensive reach within an
active and engaged music audience will make Yahoo! even more
compelling for advertisers and record labels.
year career in sales and marketing with Hewlett Packard and Apollo Computer. He is a graduate of MIT with a bachelor's degree in electrical engineering and computer science and has an MBA from the Harvard Business School. Bill is currently on the boards of Lumigent, Red Hat, and WildTangent. He previously served on the boards of Alias Research (acquired by SGI), Avid Technology, CheckFree, Clarus, Course Technology (acquired by Thomson), Gateway Design Automation (acquired by Cadence), Mainspring Communications (acquired by IBM), MapInfo, Open Market (acquired by divine), Raptor Systems (acquired by Axent, now part of Symantec), Reflectent (acquired by Citrix), SightPath (acquired by Cisco), Spyglass (acquired by Open TV), Student Advantage and Tenth Planet (now part of Mattel).
Laptop Computers "Our goal is to give consumers the music they want, how they
want it, anywhere they want it. We believe Musicmatch provides a
great music experience that will further extend our offerings. The
combination of our strengths will help us execute on our vision of
providing music fans the best and broadest suite of music products
and services, from discovery to distribution to music management,"
said David Goldberg, vice president and general manager, music,
Yahoo!. "This acquisition also gives Yahoo! a strong position in
the digital music business, in both ad-supported media, such as
radio and music videos, and on-demand distribution, with
subscriptions and downloads."
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Laptop Computer Additionally, Yahoo! will gain a talented team with considerable
expertise in digital music technology, complementing the strengths
of our existing team and accelerating its future innovation
capabilities.
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Desktop Computer Digital music sales are expected to grow rapidly in the near
future, particularly with the increasing availability of broadband
access. Music subscription sales are expected to grow from $113
million this year to $890 million in 2009, while digital downloads
are anticipated to reach $803 million in 2009, compared to $158
million for 2004 (Source: Jupiter Research).
Notebooks "We are very pleased to be joining the Yahoo! family," said
Dennis Mudd, CEO and founder, Musicmatch, Inc. "By combining assets
with LAUNCH, we believe that Musicmatch will have an even stronger
position to take advantage of the rapidly growing digital music
segment."
Lenovo Upon completion of the acquisition, Musicmatch will become a
wholly-owned subsidiary of Yahoo!. The transaction is subject to
customary closing conditions, including regulatory approval. It is
expected the transaction will be completed during the fourth
quarter of 2004.
Hard Drive This press release contains forward-looking statements that
involve risks and uncertainties concerning Yahoo!'s proposed
acquisition of Musicmatch, Inc., Yahoo!'s expected
financial performance (including
without limitation as described in the quotations from
management in this press release), as well as Yahoo!'s strategic
and operational plans. Actual events or results may differ
materially from those described in this press release due to a
number of risks and uncertainties. The potential risks and
uncertainties include, among others, the possibility that the
transaction will not close or that the closing may be delayed;
the reaction of customers of Yahoo! and Musicmatch to the
transaction; Yahoo!'s ability to successfully integrate
Musicmatch's operations and employees; Yahoo's ability to
successfully make additional investments, product innovations
and implement other initiatives; the failure of digital and
subscription music sales and music downloads to grow as
predicted; and general economic conditions. More information
about potential factors that could affect Yahoo!'s business and
financial results is included in
Yahoo!'s Annual Report on Form 10-K for the fiscal year ended
December 31, 2003, and in Yahoo!'s Quarterly Report on Form 10-Q
for the fiscal quarter ended June 30, 2004 including (without
limitation) under the captions, "Risk Factors" and "Management's
Discussion and Analysis of Financial Condition and Results of
Operations," which are on file with the SEC and available at the
SEC's website at www.sec.gov.
Travelstar About LAUNCH
Gateway LAUNCH (http://launch.yahoo.com), the music destination on
Yahoo!, offers the most comprehensive music-related content,
features and information available online. LAUNCH provides a wide
selection of streaming audio, the Web's largest collection of music
videos, exclusive artist features and music news covering all
genres of music to Yahoo! visitors. Additionally, LAUNCH offers a
compelling radio experience with LAUNCHcast, which enables users to
customize their own Internet radio station or listen to dozens of
pre-programmed music channels in a variety of genres.
Laptop Parts About Musicmatch
Software Musicmatch, Inc. is a leader in music software and services,
helping people find, manage, enjoy and buy music that best matches
their unique tastes. The company invented the digital jukebox
concept in 1997 and since then has registered more than 60 million
users of its best-selling Musicmatch Jukebox. Musicmatch also has
more than 225,000 subscribers to its popular music services, which
include the Musicmatch On Demand streaming music subscription
service, the easiest way to create the perfect playlist; the
Musicmatch Music Store, the easiest way to discover and buy music;
and Musicmatch Radio, featuring the world's most popular Internet
radio station. With more than 700,000 songs available in its
ever-expanding catalog, Musicmatch gives music lovers the freedom
to enjoy music on their terms. For additional information, visit
www.Musicmatch.com.
Hard Drives About Yahoo!
Electronics Yahoo! Inc. is a leading provider of comprehensive online
products and services to consumers and businesses worldwide. Yahoo!
is the No. 1 Internet brand globally and the most trafficked
Internet destination worldwide. Headquartered in Sunnyvale, Calif.,
Yahoo!'s global network includes 25 world properties and is
available in 13 languages.
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