AOL Time Warner Inc. reached a definitive
agreement to sell Warner Music Group's DVD- and CD-manufacturing business to
Canada's Cinram International Inc. for about $1.05 billion cash as part of the
media giant's ongoing effort to slash debt.
AOL, confirming a story in Friday's editions of The
Wall Street Journal, said in press release Friday that its Warner Music Group,
Warner Home Video and New Line Cinema businesses signed long-term manufacturing
agreements with Cinram. The Toronto-based company will serve as manufacturer,
printer, packager and physical distributor for the AOL units' CDs and DVDs in
North America and Europe.
Source: Yahoo.com
