Following weeks of speculation MTV Networks has confirmed that it has acquired Internet broadcaster Image radio.
Terms of the deal have not been disclosed, but MTV has said that it plans to initially spend around $150 million on the new venture that will be piggy backed on the purchase of Image.
MTV is convinced that the time is right to build the ?ultimate? music destination online, thanks to the arrival of broadband and fast emerging technologies in streaming audio and video.
The new venture, which has yet to be christened, will feature pre-programmed and customisable audio and music video channels. It will also incorporate an ecommerce mall, including ticket and CD virtual shops, and community features.
MTV hopes the new venture will be also be a platform for new as well as established artists, aided by its brands, MTV and VH1.
"Each user can follow their own musical interests, connect with like minded people and set themselves up for new musical adventures," said Tom Freston, MTV Networks chairman and chief executive officer.
The new service is slated to go live in June.
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