Universal Music Group completed its acquisition of EMusic, one of the early music sites to sell MP3 downloads. The final price was 57 cents per share, or about $24.6 million.
As a subsidiary of Universal, EMusic will finally have access to major label music, a lack that has been partly responsible for keeping the dampers on demand for its service. But it also is expected to be a part of the Pressplay subscription music service that Universal and Sony Music Entertainment are planning. EMusic shares, which at one time traded as high as $25, have come close to 57 cents in the last few weeks as investors anticipated the deal's close.