US tech corporation Rovi has announced that it will be selling its Rovi Entertainment Store, including CinemaNow, which it bought just two years ago for US$720-million.
While the company didn’t disclose exactly which assets it wanted to offload in the sale, it did reveal that it wanted to hold on to its DivX video codecs and software business, which was also part of the US$720-million deal.
The video-on-demand platform powers US retailer Best Buy’s video digital download store but competing with the likes of Amazon and Apple’s iTunes was never going to be easy, as the service’s financials show.
See 'Motely Fool 'Does Rovi Understand What it's Buying'
Looks like our little snicums really took them for a ride.. Almost feel guilty for making money on that.. I think they aquired Cinemanow for something like 3 million.