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Business News (more headlines) 03-31-2004

Circuit City Stores, Inc., To Purchase Assets Of MusicNow, Inc.

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Circuit City Stores, Inc., and MusicNow, Inc., announced today that the two companies have signed a definitive agreement for the purchase by Circuit City of the assets of MusicNow, a leading digital music platform.

"MusicNow is on the cutting-edge of digital music delivery over the Internet," said W. Alan McCollough, chairman, president and chief executive officer of Circuit City Stores, Inc. "MusicNow has developed a strong platform to deliver digital media directly to consumers and to partner with other companies to allow them to power their music download and subscription services."

"In addition to being one of the leading music and electronics retailers in the world, Circuit City brings to our business an important set of resources," said Scott L. Kauffman, president and CEO of MusicNow. "Having a company with those characteristics to support MusicNow is essential for competing in this dynamic market. With the acquisition, we are now strongly positioned to play a major role in the next chapter of the digital media revolution."

MusicNow will retain its own brand and continue to execute on its strategy of empowering third parties to launch digital music services.

"We're thrilled to be gaining the knowledge and expertise in the digital media space that MusicNow brings, and of equal importance, to welcome its world class team," said Fiona Dias, president of Circuit City Direct. "Circuit City will integrate MusicNow's platform into Circuit City's Web site at circuitcity.com as well as our nearly 600 Superstores across the country."

The transaction is not expected to have a material impact on Circuit City's fiscal 2005 earnings and is expected to close in April 2004.

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