SAN DIEGO, CA (September 21, 1999) - Global Music Network, Inc. (www.gmn.com), the Internet’s premier site for complete live performance of classical, opera, and jazz, announced today that it has received a private placement in the amount of $12 million. GMN.com will utilize a significant portion of these funds to expand its marketing, content development and acquisition, and e-commerce activities.
This financing comes on the heels of a very successful second quarter for the emerging music portal whose major achievements included:
The formation of relationships with Intel, Liquid Audio, Microsoft, Real Networks, InterVu, and CyberSource
Broadcast of the first live video of an opera in the history of the Internet from the prestigious Mariinsky Theatre (Kirov Opera) in St. Petersburg, Russia.
Addition of world-class artists to its roster including Valery Gergiev and Dr. Billy Taylor; festivals such as Mainly Mozart in San Diego, White Nights Festival in St.Petersburg, JVC Jazz Festival, and Caramoor; and venues such as Birdland in New York City.
The $12 million venture financing was led by the New York-based investment bank CE Untenberg, Towbin.
“As a result of our work to date and this substantial round of finance, we are well-positioned to be the leader in the performing arts on the Internet,” said Michael Lubin, Chairman and CEO of GMN.com. “ We plan to re-energize the classical, jazz, and opera worlds by providing unique multimedia programming. The Hallmark of the site is the presentation of premier music performances, recorded live and offered online in their entirety, exclusively through GMN.com. The result is rich, multimedia entertainment characterized by artists dedicated to the quality of their music, performed with passion and creativity.”
“GMN.com has assembled an impressive line-up of world-class musicians, festivals, and venues, many on an exclusive basis,” said Steven Novak, Managing Director of CE Unterberg Towbin and a recent addition to GMN’s Board of Directors. “We see the online music community as dynamic and exciting, with GMN at the forefront of the industry. GMN’s emphasis on quality, adding value through combining entertainment and educational components to its unique content, and its e-commerce plan all differentiate it from other online music sites. I am delighted to be working with GMN.”
About C.E. Unterberg, Towbin
C.E. Unterberg, Towbin, a New York and San Francisco based investment bank, specializes in advising, financing, and investing in tomorrow’s leaders today. Its business consists of investment banking, institutional sales, research, venture capital, private client services, and asset management. Over the past decade, it has managed over 100 public and private offerings, raising more than $ 7 billion and has advised clients in over 70 mergers and acquisitions valued at over $ 5.6 billion.
About Global Music Network
GMN.com, the leading Internet portal for classical, opera, jazz, and related music, uniquely combines a market place and a performing arts space offering the highest-quality music available to a worldwide audience online. With a family of respected artists and the latest communications technology and e-business services, GMN.com provides exclusive live performances and a range of value-added content and products. GMN.com offers users the means to watch specially recorded video interviews, lectures, recitals and live performances. Users also have the ability to compile tailor-made recordings through existing records or exclusive GMN recordings. GMN.com is revolutionizing the classical, opera, jazz music industries by providing unique multimedia programming over the Internet.