Browsing Tag

MelodyVR

RealNetworks Announces Completion of the Sale of Napster to MelodyVR

RealNetworks, Inc. announced the completion of the previously disclosed sale of Rhapsody International, Inc., which does business as Napster, to MelodyVR Group PLC. Effective December 30, 2020 and pursuant to the merger agreement between the parties, MelodyVR's subsidiary merged with and into Napster, with Napster surviving and becoming a wholly-owned subsidiary of MelodyVR. RealNetworks, which owned 84% of Rhapsody, was not a direct party to the merger agreement other than as a security holder representative. Marketing…

RealNetworks Announces Support for Acquisition of Rhapsody International, Inc. by MelodyVR Group PLC

RealNetworks, Inc. announced its support for the acquisition of Rhapsody International, Inc., which does business as Napster, by MelodyVR Group PLC. RealNetworks is the majority owner of Napster, with an approximate 84% stake. MelodyVR Group PLC, the leading creator of live virtual reality music experiences, intends to combine its MelodyVR subsidiary with Napster to create a new differentiated entity. The acquisition is expected to close in the fourth quarter of 2020. "Rhapsody and Napster have travelled a long and…