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Article: Microsoft Plans to Buy $10 Million in Stock of Wayne, N.J.-Based Audible.
- Article from:
- Knight Ridder/Tribune Business News
- Article date:
- February 10, 2001
CopyrightCOPYRIGHT 2001 Knight-Ridder/Tribune Business News. 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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By Martha McKay, The Record, Hackensack, N.J. Knight Ridder/Tribune Business News
Feb. 10--Cash-strapped Audible got some welcome news Friday.
Microsoft agreed to invest $10 million in the Wayne-based company, which provides spoken audio over the Internet.
"This is the kind of news that speaks for itself," said Audible Chairman Don Katz during a conference call. "It's a happy time for us."
The Microsoft investment gave a much-needed boost to Audible stock, which has closed under $1 -- far below its 52-week high of $15.31 -- every day but one since the beginning of November.