HMV acquires stake in 7digital

Entertainment retailer HMV has acquired a 50 per cent stake in 7digital, a media company, for £7.7 million in cash.


Entertainment retailer HMV has acquired a 50 per cent stake in 7digital, a media company, for £7.7 million in cash.

Entertainment retailer HMV has acquired a 50 per cent stake in 7digital, a media company, for £7.7 million in cash.

London-based 7digital has a catalogue of over six million digital music tracks and will become the single supplier for all HMV’s digital operations. The privately held company will also provide a new e-books store.
Simon Fox, chief executive of HMV, said: ‘We believe 7digital is the best partner to help us accelerate our growth in digital entertainment and to become a major player in the market for legally downloaded entertainment.’

In the year to April 2009, HMV reported a 4.4 per cent increase in sales to £1.9 billion, while pre-tax profits were up 11.5 per cent to £63 million.

Nick Britton

Nick Britton

Nick was the Managing Editor for growthbusiness.co.uk when it was owned by Vitesse Media, before moving on to become Head of Investment Group and Editor at What Investment and thence to Head of Intermediary...

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