12th Jan 2015 14:55
LONDON (Alliance News) - Tesco PLC is in talks to sell the music unit of its Blinkbox business to Australian company Guvera, the Financial Times reports Monday citing people familiar with the talks.
Tesco is poised to sell Blinkbox Music for a "small fraction" of the GBP12 million it paid for the business back in 2012, the FT quoted the people as saying.
Guvera is a Australian company that operates online music services across Asia.
Last week, Tesco announced that it had sold its Tesco broadband business and the video streaming unit of its Blinkbox business to telecoms company TalkTalk Telecom Group PLC.
Tesco said it has pumped GBP70 million into Blinkbox to date. TalkTalk has only acquired the Blinkbox movies business, and at the time, Tesco Chief Dave Lewis said it is in talks to sell the remaining parts of the business, comprising music and books.
Tesco was not immediately available for comment Monday afternoon.
http://www.ft.com/cms/s/0/9a139806-9812-11e4-b4be-00144feabdc0.html#axzz3OcMjJUiw
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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