RealTime IT News

N2K Announces Public Offering

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.

The company also develops music content and programming through its other channels including Rocktropolis, JazzCentralStation, ClassicalInsites, David Bowie, StonesWorld, Leonard Bernstein, and Allstarmag.

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.