MySpace launches music service
LOS ANGELES A new player has emerged on the digital music scene in the form of MySpace Music, a new company formed by a joint venture between MySpace, Sony BMG Music Entertainment, Universal Music Group and Warner Music Group. According to a company press release, MySpace Music will allow users to discover, share, and socialize by adding commerce and music management tools.
The service will feature DRM-free digital downloads, ad-supported audio and video streaming, a mobile storefront (powered by News Corporation’s Jamba mobile company), as well as various sponsorship solutions. MySpace users will also be able to control their entire MySpace Music experience directly from their user page by creating playlists and having access to enhanced purchase opportunities and search functionality.
The new company will be based in Los Angeles and will have a dedicated executive management team to oversee the business. In the coming months, MySpace Music will begin to roll new content and product functionality within the existing music channel. The process will be iterative to take full advantage of the popularity and existing traffic to the Music channel already booming within MySpace.
Charming Shoppes: Directors should be re-elected
BENSALEM, Pa. Charming Shoppes announced that it has mailed proxy materials to its shareholders calling for the re-election of its chairman, president and ceo, Dorrit Bern, Alan Rosskamm and Jeannine Strandjord.
Charming Shoppes’ annual meeting of shareholders will take place on Thursday, May 8.
Charming Shoppes also urged shareholders to reject the three individuals nominated by a dissident shareholder group led by the Crescendo Partners and Myca Partners hedge funds in opposition to Charming Shoppes’ incumbent directors.
Rite Aid March comps up 2.6%
CAMP HILL, Pa. Rite Aid reported that total drug store sales for the four weeks ended March 29 increased 50.7% to $2.04 billion as compared to $1.3 billion for the same period last year. Prescription revenue accounted for 67.6% of drug store sales, and third party prescription revenue represented 96.2% of pharmacy sales.
Same-store sales for the month of March increased 2.6 % over the prior-year period. Pharmacy same-store sales increased 1%, which included an approximate 493 basis points negative impact from new generic introductions. Front-end same-store sales were up 5.7%. March same-store sales were positively affected by a shift to a March Easter this year from an April Easter last year, the company reported.