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NEW YORK Yahoo! said today that it plans to acquire Musicmatch, a 7-year-old music software and services company, for about $160 million in cash.
The purchase, expected to close in the fourth quarter, is meant to strengthen the Sunnyvale, Calif., portal’s position in the digital music business in ad-supported media, such as radio and music videos, and on-demand distribution, with subscriptions and downloads. Musicmatch will complement Launch, a 10-year-old music service that was bought by Yahoo! in June 2001.
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