Fri, 15 Jun 2012 | BUSINESS SALE
Former Genesis front man Peter Gabriel has sold We7, the free-to-listen internet radio service in which he holds a majority stake, to Tesco.
Tesco has purchased a 91 per cent stake in We7 for £10.7 million, as part of its strategy to develop its strength in the online entertainment arena. The deal follows on from Tesco’s purchase of the online movies provider Blinkbox in 2011.
The supermarket giant aims to bag the remaining nine per cent of the business within a matter of weeks.
Mr Gabriel was one of the founders of We7, which was established in 2007 to take advantage of consumers’ increasing demand for access to legal digital music in the last decade. Gabriel is to pocket a £2 million windfall from the sale.
Co-founder, serial entrepreneur and software expert Steve Purdham was a key figure behind the firm’s development. He is to remain the chief executive of We7.
He commented on the deal: “We believe Tesco is the perfect partner to bring We7’s music services to a wider audience.”
Accessible on iPad, iPhone, Android apps and on the internet, We7 has 11 million music tracks in its catalogue. It is yet to make a profit, but is, Purdham has said, close to achieving profits.
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