Ex-Beatle Billionaire McCartney Backs Magex
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[London, ENGLAND] Former Beatle Sir Paul McCartney has invested in Magex, the company with technology to ensure fans pay for their music rather than share it with a little help from their friends via MP3.
Magex has not revealed the amount invested by McCartney, saying merely that it is "in addition to" an $80 million round of private equity funding completed in April 2000.
Among the other investors are NatWest Bank, Reuters, GE Capital, Europ@web, affiliates of Soros Private Equity Partners, SLF Ventures, Westpool Investment Trust and Kistler Associates.
Sir Paul McCartney has been one of the music industry's most outspoken critics of all forms of copyright infringement. His backing of Magex places him firmly in the camp of those opposed to the free exchange of music on the Internet.
Earlier this week, Magex appointed W. Patrick Campbell as chairman and chief executive. Significantly, Campbell will be based in New York at the company's new headquarters, from which he will orchestrate the introduction of Magex technology to the U.S. music, film and media industries.
Magex believes its technology solves the security and payment problems surrounding digital distribution, enabling music and videos to be sold on the Web in fast, safe and easy transactions.
Among Magex's clients is Universal Music Group which announced Wednesday that it will commence trials of bluematter, its premium digital download format for which Magex will provide financial clearing house services.