N2K Announces Public Offering
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N2K Inc., the New York-based Internet music entertainment company, announced today it is making a public offering of 3,125,722 shares of common stock.
N2K will sell two million shares, with the remaining shares offered by other stockholders. Currently the stock is trading at around $33 a share.
The company also said that underwriters have been granted a 30-day option to purchase up to an aggregate of 468,858 additional shares of N2K stock to cover over-allotments.
N2K distributes and sells CDs and music-related products through its interactive store, Music Boulevard.
N2K has recently faced heavy competition from rival online music retailer CDNow which struck an $18.5 million deal with Lycos and a $5.5 million European agreement with Lycos Bertelsman earlier this month.
In January, InternetNews.com's Internet Stock Report analysis of the CDNow-N2K battle for market share, forecasted N2K's recent slip.