Universal closes EMusic buy

Universal Music Group completed its acquisition of EMusic, one of the early music sites to sell MP3 downloads. The final price was 57 cents per share, or about $24.6 million.

As a subsidiary of Universal, EMusic will finally have access to major label music, a lack that has been partly responsible for keeping the dampers on demand for its service. But it also is expected to be a part of the Pressplay subscription music service that Universal and Sony Music Entertainment are planning. EMusic shares, which at one time traded as high as $25, have come close to 57 cents in the last few weeks as investors anticipated the deal's close.