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Article: Sale of internet music group nets rocker Peter Gabriel UKpound 5.6 million.
- Article from:
- Daily Mail (London)
- Article date:
- June 23, 2004
CopyrightCOPYRIGHT 2004 Daily Mail. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Stephanie Bentley
Jun. 23--Rock star Peter Gabriel is netting up to UKpound 5.6 million on the sale of his internet music group On Demand Distribution -- known as OD2 -- to Seattle-based tech group Loudeye.
OD2 is being sold for up to UKpound 31.3 million, consisting of UKpound 11.3 million in cash and Loudeye shares upfront, UKpound 9.6 million over the next 18 months and up to UKpound 10.3 million more over 30 months depending on performance.
Gabriel, former frontman of 1970s progressive rock band Genesis, owns 18 percent of OD2, which he co-founded.
He said the deal would deliver the best digital music service for consumers ...