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Cdnow

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BUSINESS
July 14, 1999 | By Susan Warner, INQUIRER STAFF WRITER
CDnow Inc., the online music retailer, said yesterday it would be acquired by Sony Corp. and Time Warner Inc., owners of the Columbia House music club. Sony and Time Warner will meld Columbia House, which has been slow to adapt to e-commerce, with CDnow's online business. Columbia House had 16 million active customers and $1.5 billion in sales last year. CDnow has 2 million customers and sales of $71 million for the first half of this year. The marketing heft of Columbia House and its parents will help the new, as-yet-unnamed company, expand CDnow's online sales, and speed its plan to become the leader in selling recorded music digitally off the Internet, said Jason Olim, cofounder and CEO of CDnow.
BUSINESS
April 13, 2001 | By Joseph A. Slobodzian INQUIRER STAFF WRITER
A federal judge yesterday dismissed a class-action securities-fraud lawsuit against Internet music retailer CDnow Inc., ruling that the plaintiffs had failed to prove that corporate officers had misled investors about an aborted 1999 merger with Sony Corp. and Time Warner Inc.'s Columbia House unit. U.S. District Judge Marvin Katz wrote that the plaintiffs had presented nothing but "unsupported and conclusory allegations" to back up their fraud theory. Katz noted that Congress, in passing the Private Securities Litigation Reform Act of 1995, had tightened the legal standards of proof required of plaintiffs in shareholders' securities lawsuits.
BUSINESS
March 14, 2000 | By Leslie J. Nicholson, INQUIRER STAFF WRITER
The merger deal between online music retailer CDNow and the Columbia House music club is off. CDNow Inc., based in Fort Washington, said yesterday that instead of a merger, it would get an infusion of cash from Columbia House's co-owners, Time Warner Inc. and Sony Corp. The companies said they would explore "strategic relationships" with CDNow. CDNow plans to cut its expenses by one-third, primarily by cutting back on marketing costs. It expects to trim quarterly operating expenses in a range of $10 million to $12 million.
BUSINESS
September 2, 2001 | By Reid Kanaley INQUIRER STAFF WRITER
Jason Olim, the cofounder and former head honcho of online music retailer CDNow, had been home in his upstairs office, hammering out a business plan for a friend's software company. But, on that summer afternoon in secluded Chester County, Olim made his way down among the noisy carpenters renovating his gutted stone farmhouse to reach one of his favorite still-intact rooms, the kitchen. Olim yanked the refrigerator door open to find two partially sliced pies - strawberry and chocolate pecan.
BUSINESS
November 29, 1997 | By Reid Kanaley, INQUIRER STAFF WRITER
CDnow Inc., of Jenkintown, which sells compact discs over the World Wide Web, yesterday registered with the Securities and Exchange Commission to peddle something else - $60 million in common stock. By going public, the young company - already one of the best-known names in Internet retailing - hopes to dramatically extend its reach in cyberspace. It said it would use the proceeds of a stock sale to pay debts, increase its marketing efforts, and upgrade its snazzy Web site of 250,000 CD offerings and other music-related products.
BUSINESS
October 23, 1998 | By Reid Kanaley, INQUIRER STAFF WRITER
Internet music retailers CDnow Inc. and N2K Inc. announced yesterday that they had reached a definitive agreement to merge in the face of stiff new competition in the online music market. CDnow, whose headquarters is in Jenkintown, will assume a 60 percent share in the new entity, tentatively called CDnow/N2K Inc. Other terms were not disclosed last night. The combined company will be based in New York, where N2K has key ties to the entertainment, advertising and new-media industries, said Jason Olim, chairman and president of CDnow.
BUSINESS
May 3, 2000 | By Reid Kanaley, INQUIRER STAFF WRITER
CDNow Inc., an online music seller based in Fort Washington, promised yesterday to cut quarterly expenses by $12 million as part of its plan to shore up investor confidence and stay alive while it searches for a bailout partner. The firm is still one of the most popular online destinations, despite predictions that it and other strapped Internet retailers might not survive their dot-com cash burns. The immediate future of CDNow was outlined after yesterday's market close. Jason Olim, president and chief executive officer, said in an interview that he expected to announce a merger with one of about two dozen unnamed suitors by the end of June.
BUSINESS
August 14, 1997 | By Reid Kanaley, INQUIRER STAFF WRITER
CDnow, an online music retailer headquartered in Jenkintown, has received $10 million in venture capital and will use the money in a national advertising and promotional campaign, the company announced yesterday. The investment - large by regional standards in venture-capital investments outside the biotechnology sector - comes in a period of great expectations (some would say hype) for the future of Internet-based retailing, especially in niche markets. CDnow's snazzy Web site gets 1.5 million online visitors a month, the company said.
BUSINESS
March 15, 2000 | By Leslie J. Nicholson, INQUIRER STAFF WRITER
Two days after calling off its merger with Columbia House music club, CDNow Inc. is surfing for new partners. The online music retailer is hunting for a company willing to make a major investment in, merge with, or even acquire CDNow, its chief executive officer, Jason Olim, said yesterday. "The most important thing is to find a way to get CDNow to profitability as quickly as possible with the minimum capital requirement," he said. The Fort Washington company that Olim, 30, founded in 1994 with his twin brother, Matthew, has enjoyed considerable popularity on the Web, but at the expense of profits.
BUSINESS
January 12, 2001 | By Reid Kanaley, INQUIRER STAFF WRITER
In a pairing that would have been unthinkable a few months ago, the online music retailer CDNow Inc., of Fort Washington, began offering compact discs for sale yesterday on Napster, the Internet's controversial free song-sharing service. The move is one of several changes expected as Napster Inc., of Redwood City, Calif., attempts to go legitimate. Napster, which allows its millions of users to swap recorded songs in the popular MP3 digital format at no charge, is the subject of a copyright-infringement lawsuit brought by the five major recording labels.
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ENTERTAINMENT
January 26, 2013
Some future historian studying the typically atypical career trajectories of late GenX creatives in Philly might do well to take a look at Laura Thieme and Kristy Olsyn. The two met while working in online marketing at CDNOW - remember CDNOW? The online music retailer founded in 1994 by twin brothers from Ambler ballooned feverishly until it went splat in 2000. Thieme and Olsyn both found jobs at Rodale, a magazine and book publisher, and the daily three-hour commute from and to the Emmaus headquarters gave them plenty of time to dream up alternatives to corporate life.
BUSINESS
April 28, 2008 | By Joseph N. DiStefano INQUIRER STAFF WRITER
WYBE-35, Philadelphia's tiny, nonprofit, old-fashioned broadcast TV station, is betting its future on digital shows for the YouTube generation. The station is programming its signals and Web site with five-minute shorts that producers pay to play, set in a new studio built as part of a signal-swapping deal with General Electric Co.'s NBC Universal networks. "It's short-form programming, in which we let the community come to us and let them and viewers tell us what they want," says Howard Blumenthal, the station's chief executive and a 30-year veteran of the business, including stints as a brand executive for Bertelsmann AG and a senior executive at CDNOW Inc. "These are not infomercials," he adds.
BUSINESS
May 30, 2004 | By Wendy Tanaka INQUIRER STAFF WRITER
The planned initial public offering of online-search company Google Inc. has generated excitement that recalls, on a smaller scale, the giddiness of the dot-com boom. But there is a clear and important difference this time around, say Philadelphia-area entrepreneurs and executives whose ideas once created a similar buzz: Google is already making money. Gobs of it. "This is a sharply different company than most of them in the late '90s. It's a staggeringly successful company," said Warren V. "Pete" Musser, founder of leading dot-com-era financier Safeguard Scientifics Inc. of Wayne.
ENTERTAINMENT
May 28, 2004 | By SARA SHERR For the Daily News
German garage punkers Redondo Beat play with recent Pixies openers the Capitol Years and Doublehorse at the Millcreek Tavern (9:30 tonight, 4200 Chester Ave., 215-222-9194, $7, www.millcreektavernphilly.com). Local DJs spin good records for a good cause: Trishy Gdowik (Bad Reputation), Joey Sweeney (as in The Trouble With . . . ), and Jon Solomon (WPRB, My Pal God Records). It's a benefit to raise money for Gehrett Ellis (my old CDNOW co-worker with the warm smile and sharp wit)
BUSINESS
November 9, 2002 | By Reid Kanaley INQUIRER STAFF WRITER
CDNow, we'll see thee later. The online music retailer that was born in the Philadelphia suburbs in 1994 is set to vanish from the local landscape. CDNow's parent company, BeMusic Inc., a unit of the German media giant Bertelsmann AG, has notified the Pennsylvania Department of Labor and Industry that it will lay off the last 33 workers at the cavernous CDNow facility in Fort Washington on Dec. 27. "We are planning on closing the offices there at the end of the year," BeMusic spokeswoman Melinda Meals said yesterday.
BUSINESS
November 25, 2001 | By Akweli Parker INQUIRER STAFF WRITER
Technology survivors from throughout the Philadelphia region gathered at the Convention Center this month for a gala whose theme might best have been summed up, "It's Hip to Be Square. " The atmosphere at the Eastern Technology Council awards dinner, as in past years, was black-tie. This time, it seemed a particularly fitting analogy to the buttoned-down style of the region's technology industry. "We have pragmatists leading these companies, with customers that actually pay their bills," said Rob McCord, president of the council, a regional business organization made up of 1,200 companies.
BUSINESS
September 2, 2001 | By Reid Kanaley INQUIRER STAFF WRITER
Jason Olim, the cofounder and former head honcho of online music retailer CDNow, had been home in his upstairs office, hammering out a business plan for a friend's software company. But, on that summer afternoon in secluded Chester County, Olim made his way down among the noisy carpenters renovating his gutted stone farmhouse to reach one of his favorite still-intact rooms, the kitchen. Olim yanked the refrigerator door open to find two partially sliced pies - strawberry and chocolate pecan.
BUSINESS
August 30, 2001 | By Reid Kanaley INQUIRER STAFF WRITER
Staffing at CDNow's Fort Washington offices will fall by more than 200 workers in coming weeks as the company's owner moves management and other key operations to New York and Indianapolis. That will leave just 70 to 90 technical jobs at the online music retailer's facility along the Pennsylvania Turnpike. CDNow employs just over 300 people in Fort Washington, down from about 400 a year ago when the online music retailer was sold to the German media conglomerate Bertelsmann AG. BeMusic Direct, the new Bertelsmann division now overseeing CDNow, said yesterday that it was consolidating CDNow's management and content operations at its headquarters in New York City.
BUSINESS
June 18, 2001 | By Wendy Tanaka INQUIRER STAFF WRITER
Call them the three dot-keteers, three former Penn fraternity brothers who decided to stick around and buck the area's "brain drain. " Instead of chasing dot-com dreams in bigger tech centers such as San Francisco or New York, University of Pennsylvania graduates Dan Trotzer, Sunil Marwaha and Howard Rubin are sharing a four-bedroom rented house in the Art Museum area while pursuing careers with local Internet companies. Marwaha, 29, is a product manager at DoctorQuality.com.
BUSINESS
April 13, 2001 | By Joseph A. Slobodzian INQUIRER STAFF WRITER
A federal judge yesterday dismissed a class-action securities-fraud lawsuit against Internet music retailer CDnow Inc., ruling that the plaintiffs had failed to prove that corporate officers had misled investors about an aborted 1999 merger with Sony Corp. and Time Warner Inc.'s Columbia House unit. U.S. District Judge Marvin Katz wrote that the plaintiffs had presented nothing but "unsupported and conclusory allegations" to back up their fraud theory. Katz noted that Congress, in passing the Private Securities Litigation Reform Act of 1995, had tightened the legal standards of proof required of plaintiffs in shareholders' securities lawsuits.
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