RealNetworks has just announced that it will be spinning off its Rhapsody music service into a separate, independently-operated company that will be based in downtown Seattle. This move follows the departure of founder Rob Glaser as CEO of the company, and about 150 RealNetworks employees will make the transition over to the new Rhapsody. Rhapsody, a joint venture between RealNetworks and Viacom MTV Networks, will no longer see it’s majority stake held by Real, which currently has a 51 percent share. RealNetworks says this is a move that is focused on streamlining company operations. Interesting, to say the least, since as far as we’re concerned, Rhapsody is the most interesting and mainstream product that RealNetworks has to offer.
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