Atrinsic Inc. on Thursday said that it had acquired the assets of the Kazaa peer-to-peer digital music service from Brilliant Digital Entertainment of Sherman Oaks in a stock deal valued at nearly $5.2 million.
Atrinsic, a New York Internet search-marketing agency and marketer of direct-to-consumer subscription products, said it would issue 4.16 million shares of stock to Brilliant Digital as part of a marketing agreement related to the deal, and 7.1 million shares at closing of the acquisition. Atrinsic share closed at 46 cents on the Nasdaq on Thursday.
Kazaa, which has been a mostly dormant since 2006 is subscription-based digital music service that gives users unlimited access to hundreds of thousands of CD-quality tracks for computer and mobile phone use.
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