Investment banking firm Blackstone Group has purchased a majority interest in The Columbia House Co.
Terms of the deal were not disclosed, but Reuters reported in March that New York-based Blackstone expected to pay $400 million to $500 million for the direct marketer of music, videos and DVD home-entertainment products.
Both Sony Music Entertainment and AOL’s Warner Music Group will retain minority interests in Columbia House and will “remain important suppliers” of music and video to Columbia House, according to a company statement.
“This transaction is a tremendous opportunity
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