NEWS Online music retailer CDNow has been bought by German media group Bertelsmann in a $117m cash deal. The US-based web retailer had been in financial difficulty and recently closed its London office to cut costs. Under the takeover agreement Bertelsmann will advance CDNow $42m to pay off existing loans. The company will continue to operate under the CDNow name as a wholly owned subsidiary of Bertelsmann.
Bertelsmann spends $117m on online CD retailer
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