Following the recent resignation of CEO and founder Gerry Kearby, and the failure of a proposed merger with CD/DVD distributor Alliance Entertainment, Liquid Audio is throwing in the towel. The best part of their announcement comes at the end.
Makes you wonder how they lasted this long, eh?
At it’s peak in Nov ’99, Liquid Audio had a market capitalization of over $1 billion. On 10/22, an investor had offered to buy Liquid Audio for $3 per share — just shy of $68 million. Now, shareholders will receive a disbursement of $2.50 per share. And the major labels sing, “Another one bites the dust-uh.” | Liquid Audio press release