Best Buy (BBY) and Sonic Solutions (SNIC) Announce Strategic Alliance
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Best Buy Co., Inc (NYSE: BBY) and Sonic Solutions (NASDAQ: SNIC) announced a strategic relationship that will result in a new Best Buy customer offering in its growing line-up of digital entertainment products. The new on-demand movie and entertainment service will be powered by Sonic's Roxio CinemaNow™ and will allow consumers to have access to buy or rent a vast library of premium content.
To power this offering, Best Buy has entered into a multi-year agreement in which Best Buy plans to license and deploy Sonic's Roxio CinemaNow™ technology and services platform to make on-demand digital content delivery a standard feature on connected consumer electronics devices sold throughout U.S. Best Buy retail stores and BestBuy.com. Under the terms of the agreement, Best Buy acquired warrants enabling it to purchase shares of Sonic Solutions common stock.
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