October 29, 1998
CDNow, N2K Merger to Finish in 1999
Internet music retailers CDNow (www.cdnow.com), Jenkintown, PA, and N2K (wwwmusicblvd.com), New York, are expected to complete their recently announced merger by early next year. The new company, which initially will be called CDNow/N2K Inc., is subject to the approval of shareholders from both companies. The merger will give them a customer base totaling more than 1.2 million.
Together, the companies will offer more than 500,000 items. Existing N2K shareholders will receive .83 shares of common stock in the new company for each N2K share they own, while CDNow shareholders will receive 1 share of common stock for each CDNow share they own.