Kazaa Sold To Altrinsic

Sherman Oaks-based Brilliant Digital Entertainment, operator of the Kazaa peer-to-peer digital music service, has sold its Kazaa peer to peer network and brand, according to New York-based Altrinsic. Altrinsic said it has entered into an agreement to acquire Kazaa's assets from Brilliant Digital Entertainment Thursday afternoon. Altrinsic said it would issue 4,161,130 shares of its common stock to Brilliant Digital as part of a marketing agreement related to the deal, in addition to 7,125,665 shares of its stock at closing. At Altrinsic's closing price on Thursday, the deal would be worth approximately $5.19M. Kazaa, and Brilliant Digital Entertainment had been mostly dormant since sometime around 2006. Brilliant Digital Entertainment web site says it would be relaunching Kazaa last year.