Artistdirect secures financing

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Date: Jan 06, 2000
Source: Reuters/Variety
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By Marc Graser

HOLLYWOOD (Variety) - Internet music company ARTISTdirect Inc. said Wednesday it has secured $97.5 million in financing from a slew of music and media firms including Universal Music Group, BMG Entertainment, Sony Music Entertainment, Warner Music Group, online search portal Yahoo! and Cisneros Television Group.

The investment by each company includes an undisclosed minority stake in the Encino, Calif.-based company and comes during ARTISTdirect's quiet period as it readies an IPO on Wall Street.

The licensing, marketing and distribution deals will help boost ARTISTdirect Network's traffic numbers and music content available on its Web site, as well as push the brand on the investors' Web sites.

In return, the major music groups' record labels will be able to use ARTISTdirect to promote their artists online, a space that has become invaluable over the past year.

The ARTISTdirect Network operates several sites that include multimedia content, the search engine, music news and information, and e-commerce. operates official Web sites for many music artists including the Backstreet Boys, Beck, Limp Bizkit, Blink 182, the Red Hot Chili Peppers, Aerosmith, the Brian Setzer Orchestra, Foo Fighters, Matchbox 20 and Metallica.

The strategic relationship with Cisneros TV Group, a leading pay television content provider in Latin America, will enable ARTISTdirect to broaden its efforts in the Spanish-speaking arena in a major way and increase its traffic in the millions through Yahoo!.


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