Monday, August 4, 2003
Audible Gets Cash Infusion - Microsoft Sells Some Of Investment
Posted by Ed Hansberry in "NEWS" @ 01:00 PM
http://news.moneycentral.msn.com/ticker/article.asp?Symbol=US:ADBL&Feed=BW&Date=20030804&ID=2763019
"Audible Inc., today announced a $6 million investment made by global private equity firm, Apax Partners, and international media company, Bertelsmann. In conjunction with this investment, Apax Partners has acquired from Microsoft Corporation its Series A Preferred Stock and has agreed to revise the terms of those Series A shares."
Microsoft didn't sell everything though and seems to remain committed to Audible's technology. "Microsoft will continue to partner with Audible," noted Dick Brass, Corporate VP Emerging Technologies at Microsoft, which will retain its common stock position in Audible after the sale of its Series A Preferred Stock holdings. "Microsoft and Audible share a vision of digital media delivery and mobile access to information and entertainment."
The investment by Bertelsmann could also mean in increase in their library now having access to the DirectGroup Bertelsmann book club. Audible stock is up nearly 50% on the news today.
"Audible Inc., today announced a $6 million investment made by global private equity firm, Apax Partners, and international media company, Bertelsmann. In conjunction with this investment, Apax Partners has acquired from Microsoft Corporation its Series A Preferred Stock and has agreed to revise the terms of those Series A shares."
Microsoft didn't sell everything though and seems to remain committed to Audible's technology. "Microsoft will continue to partner with Audible," noted Dick Brass, Corporate VP Emerging Technologies at Microsoft, which will retain its common stock position in Audible after the sale of its Series A Preferred Stock holdings. "Microsoft and Audible share a vision of digital media delivery and mobile access to information and entertainment."
The investment by Bertelsmann could also mean in increase in their library now having access to the DirectGroup Bertelsmann book club. Audible stock is up nearly 50% on the news today.
