UNIVERSAL MUSIC GROUP COMPLETES ACQUISTION OF EMUSIC.COM, INC.
Santa Monica, California, June 14, 2001 - Universal Music Group announced today the completion of the acquisition of EMusic.com, Inc. by the merger of a Universal Music Group subsidiary with and into EMusic. As a result of the merger, EMusic is now a wholly owned subsidiary of Universal Music Group. The merger follows a cash tender offer for all outstanding shares of EMusic at $0.57 per share, which was completed upon the expiration of a subsequent offering period on June 1, 2001. As a result of the merger, each outstanding share of EMusic not owned by Universal Music Group has been automatically converted into the right to receive $0.57 per share in cash. Former EMusic shareholders who did not tender their shares in the tender offer will receive a Notice of Merger and a Letter of Transmittal that will instruct them as to how to receive the $0.57 per share or, in the alternative, exercise appraisal rights under Delaware law.
Since it was founded in January 1998, EMusic has established itself at the forefront of how music will be discovered, delivered and enjoyed in the next decade. In addition to having the Internet's leading downloadable music subscription service, EMusic operates one of the most popular families of music-oriented Web sites -- including RollingStone.com, EMusic.com and DownBeat.com.
Universal Music Group is the world's leading music company with wholly owned record operations or licensees in 63 countries around the world. Its businesses also include Universal Music Publishing Group, one of the industry's largest global music publishing operations. Universal Music Group consists of record labels A&M Records, Decca Record Company, Deutsche Grammophon, Geffen Records, Interscope Records, Island Def Jam Music Group, MCA Nashville, MCA Records, Mercury Records, Motown Records, Philips, Polydor, Universal Records, and Verve Music Group as well as a multitude of record labels owned or distributed by its record company subsidiaries around the world. The Universal Music Group owns the most extensive catalog of music in the industry which is marketed through two distinct divisions, Universal Music Enterprises (in the U.S.) and UM3 (outside the U.S.). Universal Music Group also includes eLabs, its division dedicated to strategy, business development, and management of new businesses in the online and advanced technology space.
Universal Music Group is a unit of Vivendi Universal, a global media and communications company.