RealNetworks and Viacom plan to spin off the Rhapsody subscription music service, the companies announced Tuesday.
Rhapsody, which has struggled for years to grow its subscriber base, was operated by a joint venture formed by Real and Viacom, parent company of MTV Networks.
At the same time, Real has decided to give up a controlling interest in the music service. The company will no longer own a majority stake in the company and will hold slightly less than 49 percent of the company's shares. Viacom owns a similar amount.
Real agreed to contribute $18 million to the new company. … Read more