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Short: Paradigm acquires SonicNet

Paradigm Music Entertainment has acquired alternative music site SonicNet. Terms of the transaction were not disclosed. SonicNet's financial backers - on-line service Prodigy and multimedia company Sunshine Interactive Network - will keep a hand in the venture via minority stakes in Paradigm, a year-old music company run by music veteran Thomas McPartland, the companies announced today.

Paradigm Music Entertainment has acquired alternative music site SonicNet. Terms of the transaction were not disclosed. SonicNet's financial backers - on-line service Prodigy and multimedia company Sunshine Interactive Network - will keep a hand in the venture via minority stakes in Paradigm, a year-old music company run by music veteran Thomas McPartland, the companies announced today.