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October 16, 2006 10:01 AM
Posted by Kim Peterson
Loudeye is no longer a Seattle-based public company. Cellphone giant Nokia said today it has completed its acquisition of the digital media company, and as a result trading of Loudeye's stock has been suspended.
Shareholders will receive $4.50 in cash for every share of Loudeye they own. The company will go on to be mostly a European-focused unit of Nokia. Loudeye had only a handful of employees in Seattle at this point; most were in Europe.
The press release announcing the closure is here.
And for old times' sake, here's a writeup of Loudeye's $72 million initial public offering in 2000. Loudeye's stock would lose most of its value in that first year, and founder and chairman Martin Tobias went on to quit the company in October 2001. The company began crumbling in a very public way by 2003, and it became a matter of time before something more dramatic and final were to happen.
By the way, Tobias blogged his reaction to the news when the acquisition was announced.