Tuesday, August 22, 2006

Sony pays $65 mln to buy Web video site Grouper | Reuters.com

"Sony Corp.'s entertainment unit said it had agreed to pay $65 million to buy Web video-watching site Grouper.com, marking the growing embrace of the user-generated video craze by big media.
The acquisition by Sony Pictures Entertainment (SPE), the Hollywood movie and television production unit of Japan's Sony (6758.T: Quote, NEWS, Research), aims to infuse the studios with new ideas and talent for movies, television shows and games, a top executive said.
Michael Lynton, Sony Pictures chairman and chief executive, said in an interview that user-generated content as a complement to professionally produced media has been a hot topic within Sony's different businesses for more than a year."

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