Kazaa P2P Network and Brand Sold To Altrinsic For Over $5 Million
Remember Kazaa? It was the P2P network that sprang out of nowhere after Napster was shut down by the RIAA where people shared music and movies. The original company to develop Kazaa sold the application to Sharman Networks. Then the movie and music industry executives promptly sued Sharman.
Between the four major music companies, Sharman ended up paying $100 million in damages as a settlement. Sharman also agreed to make Kazaa a legal music download service. After the lawsuit, Brilliant Digital Entertainment Inc. bought out the domain name and Kazaa brand name.
This past week, it was recently announced that Brilliant Digital Entertainment sold the Kazaa peer to peer network and brand to Altrinsic. Altrinsic issued 4,161,130 shares of common stock to Brilliant Digital as part of a marketing agreement. Altrinsic would also offer 7,125,165 shares of stock at closing. This makes it a deal worth $5.19 million.@amitchowdhry or on Google+ at +AmitChowdhry