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MTV sinks $230 million into Rhapsody America

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MTV sinks $230 million into Rhapsody America

During a conference call today, Real networks CEO Rob Glaser said that his company is holding 51% of the newly formed Rhapsody America, while 49% went to Viacom’s MTV Networks in exchange for a $230 million worth of advertising over five years.

Verzion Wireless, the third partner mentioned in the deal between URGE and Rhapsody, does not hold any shares in this new joint-venture.

Glaser said that Rhasody America should see an immediate boost in revenues as a result of the addition of URGE subscribers to Rhapsody America – which indicates that Real and MTV will aim for a rather quick transition to the new service.