Launch Media Leaps on Buyout

By TSC Staff ,

Launch Media (LAUN) was up 53.5% after it announced Web services giant Yahoo! (YHOO) will acquire the entertainment and streaming media Web site in a $12 million cash deal.

The agreement values shares of Launch Media at 92 cents, vs. Wednesday's close of 58 cents.

Yahoo! said the operation will complement its existing entertainment sites.

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