Sony Music's SW Networks Takes Equity Stake in ElectricVillage
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SW Networks, a Sony Music Entertainment company, and ElectricVillage established a strategic alliance to develop Web-specific entertainment services to be offered through ElectricVillage's network of radio station sites.
As part of the alliance, SW Networks, an entertainment and music news organization, acquired an unspecified equity position in ElectricVillage. In addition, Sony Music will work with ElectricVillage to provide access to celebrities for online chats, interviews, and multimedia Web programming.
"In developing products for the Internet we will draw on the news gathering skills and programming strategies that fuel SW's broadcast networks," said Daniel J. Forth, president and CEO of SW Networks. "The combination of ElectricVillage's cutting edge infrastructure with SW's resources will result in the Web's premiere entertainment service."
ElectricVillage administers a national network of radio station Web sites, providing affiliates with Web site development, hosting, technical support, and format-specific content and electronic commerce opportunities, as well as access to national advertising revenue streams through strategic partner Katz Radio Group.