Business News - Best Buy to team up with Sonic Solutions

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Best Buy to team up with Sonic Solutions

RICHFIELD, Minn. (UPI) -- U.S. retail giant Best Buy said it would work with Sonic Solutions to offer customers video streaming on a variety of devices, including mobile phones.

The firms have agreed to a multiyear deal to include Sonic's Roxio CinemaNow technology in televisions connected to the Internet, portable media players, computers, set-top boxes and phones, PC Magazine reported Tuesday.

Along with the agreement, Best Buy will purchase an undisclosed amount of Sonic common stock, the company said.

"Our relationship with Sonic Solutions allows Best Buy to quickly establish a strong position in the digital delivery of video entertainment," said Brian Dunn, the retail chain's chief executive officer.

In a statement, Dave Habiger, president and CEO of Sonic Solutions, said, "with Best Buy's focus, we expect on-demand entertainment to quickly grow into a mass market activity, with digital sell-through and rental becoming a significant new revenue stream for content owners."

Copyright 2009 by United Press International

This news arrived on: 11/03/2009

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