Press Release in accordance with CONSOB Regulation No. 11971/1999, as amended

Dada completes its Joint Venture transaction with SONY BMG MUSIC ENTERTAINMENT to create “Dada Entertainment LLC”

Florence, September 12th 2007 – Following the agreements reached and announced on July 16th, Dada and SONY BMG MUSIC ENTERTAINMENT today completed the transaction to create Dada Entertainment LLC, a joint venture on equal terms that will offer customers a new and innovative array of high quality entertainment services via web and mobile phone.

Initially targeted toward U.S. users, the services offered by the newborn company will combine a broad variety of music content, including ringtones, images, video ringers, mobile games, screen themes, and full length audio and video tracks, leveraging Dada’s rich experience in promoting and managing Web 2.0 community and social networking services. In particular, Dada will provide the JV access to its proprietary technological and billing platforms, while SONY BMG MUSIC ENTERTAINMENT will make available to the JV’s customers its complete catalogue of musical and video content, and promote Dada Entertainment's services through its multiple distribution channels, including its web properties and video network, CDs, media buying, third-party media and physical retail relationships.

Dada and SONY BMG MUSIC ENTERTAINMENT will each own a 50% interest in Dada Entertainment LLC and will participate in its governance with substantially equal rights. Massimiliano Pellegrini, currently the CEO of Dada USA Inc., will serve as the new company’s CEO. The effective date and operational start-up of Dada Entertainment LLC is expected to occur on October, 1st 2007.

Content Rss Atom

• Rss 2.0
• Atom