MP3.com was acquired for $385 million by Vivendi Universal during a buying spree by Vivendi's CEO Jean-Marie Messier. The acquisition was completed on August 28, 2001. After the purchase by Vivendi, Michael Robertson cashed in with an estimated $103 million. In hindsight, after Messier departed Vivendi, the new Vivendi management determined the corporate acquisitions spree to be reckless and later sold MP3.com to CNET which now manages the site. Messier's buying spree accumulated billions of dollars in debt for his company and resulted in company shares falling to 20% of their previous value. Vivendi was compelled to sell off many other companies to scale down its debt.
mp3com was acquired for $385 million by vivendi universal during a buying spree by vivendi's ceo jean-marie messier the acquisition was completed on august 28 2001 after the purchase by vivendi michael robertson cashed in with an estimated $103 million in hindsight after messier departed vivendi the new vivendi management determined the corporate acquisitions spree to be reckless and later sold mp3com to cnet which now manages the site messier's buying spree accumulated billions of dollars in debt for his company and resulted in company shares falling to 20% of their previous value vivendi was compelled to sell off many other companies to scale down its debt