SonicNet Merges With MTV Online

SonicNet and MTV Networks completed a deal Thursday (July 15) that will create the world's largest online music company, SonicNet CEO Nicholas Butterworth announced. Butterworth, 32, said the new company, MTV Networks Online, is developing a new online music and entertainment site and will continue to run SonicNet's and MTV's existing sites, including SonicNet, Addicted To Noise and MTV Online. In the deal, MTV parent company Viacom inherited SonicNet and the video-on-demand television channel The Box. In exchange, SonicNet's former owner, Liberty Digital Media, received a 10 percent ownership share in the new company.