Liquid Audio-Alliance Merger Melts Down11 Nov, 2002 By: Hive News
Liquid Audio, Inc. and Alliance Entertainment Corp. have agreed to terminate their merger plans, the companies reported,
The distributor and music download service companies announced plans to merge June 12 “in the hope that combining their operations would provide strategic advantages for the digital and physical distribution of entertainment media and that the transaction could create stockholder value,” said a joint statement.
“The management of both companies still supports the strategic aspects of the merger,” the statement continued. “However, a significant percentage of Liquid Audio stockholders have publicly expressed opposition to the proposed merger and the companies believe that the termination is in the best interests of both parties.”