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    		Zzinet News
    THURSDAY, JULY 15, 1999
    CDnow to merge with Columbia House
    June Zhang
    june@zzi.net

    NEW YORK (Reuters) - Internet music retailer CDnow Inc. said Tuesday it had agreed to merge with music club Columbia House, owned equally by Sony Corp. and Time Warner Inc., creating a music marketer with an online customer base of about 4 million. The combination, approved by CDnow's board, will create a company owned 37% by Sony, 37% by Time Warner and 26% by CDnow's present shareholders. CDnow shareholders must approve the deal, CDnow said. Terms of the definitive agreement were not disclosed, and company officials were not immediately available for comment.
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