Nokia buys digital music distributor Loudeye


Nokia Inc. on Monday said it completed its acquisition of digital music distributor Loudeye Corp. As a result of the acquisition, Loudeye common stock is no longer publicly traded on the Nasdaq and each outstanding share has been converted into the right to receive $4.50 in cash. About 91% of the votes cast by Loudeye's stockholders approved the deal. In early August, Nokia said it would buy Loudeye for about $60 million, as a way for the cell phone maker to expand its mobile digital music offerings.