Billboard.biz reports that MTV Networks, RealNetworks and Verizon Wireless have joined forces to create a new, integrated digital music service that will replace the service currently offered by each company.
As reported by Billboard's Antony Bruno, "The core of the new offering is a joint venture between RealNetworks and MTV, under which the two will merge their respective digital music services into one. The joint venture will be called Rhapsody America and the combined service will retain the Rhapsody name.
"RealNetworks will own 51 percent of the new company, with MTV owning the remaining 49 percent. Under the terms of the deal, MTV will commit $230 million over five years for 'hard advertising' purposes, as well as 'free' promotions in MTV programming and other integrated marketing efforts."
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