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Business News Deals Digital Retail
German retailer buys control of 24-7 downloads
By CMU Editorial | Published on Monday 30 March 2009
German consumer electronics giant Media-Saturn last week bought a controlling interest in 24-7 Entertainment, a back-end provider of digital music services which powers the online and mobile download and ringtone services of numerous European retailers and tel cos, including Media-Saturn’s two main retail brands Media Markt and Saturn.
Despite the deal, 24-7 will continue to be run by its founders, Frank Taubert and Carl Nielsen, as an independent unit within the retail firm.
Confirming the deal, Taubert told reporters: “We are very pleased that such a major player as Media-Saturn understands the growth potential of the 24-7 Entertainment digital distribution platform. Being part of a major consumer electronics entity will afford us many opportunities for expansion including the convergence of digital entertainment services to the home and portable environment, which we believe will be greatly beneficial to all of our loyal customers”.
