Wednesday, November 19, 2008

CinemaNow Acquired By Sonic Solutions

Marina Del Rey-based Internet video-on-demand firm CinemaNow has been acquired by Sonic Solutions, Sonic said late Wednesday afternoon. According to Sonic Solutions, it has entered into a definitive agreement to acquire CinemaNow, which will be combined with Sonic's Qlix team to create a new Premium Content Group. CinemaNow offers Hollywood movies, TV shows, and music videos for rental and purchase off the Internet. Financial terms of the acquisition were not disclosed. CinemaNow had recently been moving away from its consumer Internet business, and attempting to establish partnerships to connect its services to consumer electronics devices and the living room. CinemaNow was backed by Cisco Corp., EchoStar Communications, Index Ventures, Lions Gate Entertainment, Menlo Ventures, and Trans Cosmos USA.