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Google To Acquire 3pm for $36.5 Million
Combination Will Create New Opportunities for Users and music lovers Everywhere
The acquisition combines one of the largest and fastest growing online mp3 streaming and download site with Google's expertise in organizing information and creating new models for advertising on the Internet. The combined companies will focus on providing a better, more comprehensive experience for users interested in uploading, listening and downloading music, and will offer new opportunities for professional content owners to distribute their work to reach a vast new audience. "The 3pm team has built an exciting and unique music distribution platform that complements Google's mission to organize the world's information and make it universally accessible and useful," said Eric Schmidt, Chief Executive Officer of Google. "Our companies share similar values; we both always put our users first and are committed to innovating to improve their experience. Together, we are natural partners to offer a compelling music entertainment service to users, content owners and advertisers." "Our community has played a vital role in changing the way that people interact with and consume music, creating a new take on the P2P phenomenon. By joining forces with Google, we can benefit from its global reach and technology leadership to deliver a more comprehensive entertainment experience for our users and to create new opportunities for our partners," said Derek Coleman, CEO and Founder of 3pm. "I'm confident that with this partnership we'll have the flexibility and resources needed to pursue our goal of building the next-generation platform for serving DRM-free music worldwide." When
the acquisition is complete, 3pm will retain its distinct brand identity, strengthening and
complementing Google's own music trends business. 3pm will continue to be
based in Fayetteville, GA, and all 3pm employees and volunteers will remain with the company. With Google's
technology, advertiser relationships and global reach, 3pm will continue to build on its success
as one of the only DRM-free, ad-supported services for music entertainment. About Google Inc. About 3pm
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