HMV buys 7digital stake
HMV is acquiring a 50 per cent equity stake in 7digital, a leading international digital media company, for Â£7.7m in cash.7digital will become HMV Group's single supplier for all of its existing digital operations. HMV's digital offers in the UK and Canada will be transf ormed by access to 7digital's leading technology and a catalogue of over six million digital music tracks as well as video entertainment. 7digital's technology platform will also provide a new and enhanced e-books store, enabling Waterstone's to build on its leading position in the fast-growing market for digital books.
In its trading update today , HMV said it had seen a 12.5 per cent rise in salesvin the 18 weeks to August 29. as the retailer continued to benefit from the stores it bought from Zavvi.
Like-for-like sales were up 1.7% for the 18 weeks ending August 29. Comparable sales at Waterstone's were down by 3.4 per cent and underlying sales overall were down 1.8 per cent.
Simon Fox, HMV Group plc Chief Executive, said: 'In a tough consumer environment, the Group has made a solid start to the new financial year. Our plans for the peak selling period are in good shape, and with a strong line-up across all product categories our focus is on providing our customers with the very best offers for Christmas.
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