MTV Networks recently combined forces with RealNetworks and Verizon to offer competitions agains Apple’s iTunes.
MTV Networks will contribute cash, a five-year note for $230 million and other assets to the joint venture, according to a RealNetworks filing with the U.S. Securities and Exchange Commission.
MTV will merge its digital music store Urge with RealNetworks’ Rhapsody music subscription service in a joint venture called Rhapsody America. Executives declined to say when products associated with the partnership would be launched.
But Verizon Wireless, a venture of Verizon Communications Inc and Vodafone Group Plc, will become the exclusive wireless distributor for the joint venture’s digital content once it is up and running.