Sony Corporation of America (SCA) announced that it has signed a merger agreement with Gracenote, Inc. Sony will pay approximately $260 million plus other contingent consideration. Gracenote is a provider of embedded technology, enriched content, and data services for digital entertainment solutions within the internet, consumer electronics, mobile, and automotive markets. Formerly known as CDDB, Gracenote delivers a consumer experience in digital media devices and applications, plus media monitoring and other data services to the recording industry
Gracenote's existing business will continue to operate separately. As a wholly owned Sony subsidiary, Gracenote will continue to develop new technologies in existing as well as new areas of operation. The senior management team will remain with the company. Sony and Gracenote anticipate that the transaction will close in late May, subject to certain regulatory and other approvals.