Petteri Pyyny
9 Jun 2001 3:32
Italian-based online music giant Vitaminic continues buying smaller digital music sites. This time Vitaminic announced that it has purchased UK-based PeopleSound.com in an all-stock deal valued at $28.8M.
Vitaminic runs 10 country-specific sites in Western Europe and in the U.S. In March it acquired two French MP3 sites and American IUMA. Vitaminic has been very strong competitor to MP3.com, specially in Europe, where MP3.com doesn't have that much localized versions of its site as Vitaminic has.
Vitaminic's board and Peoplesound.com's principal investors have already approved the deal and companies hope to finish the acquisition within 45 days.