Sony Corp. of America said on Tuesday it will acquire Gracenote Inc. a company that provides music recognition technologies for about $260 million.
As part of Sony Corp, America unit said Gracenote will continue to work separately and be able to develop its technologies and the senior management team will remain with the company.
Gracenote licenses its technologies to groups that develop consumer electronics devices and online media players, who integrate the technologies into media players, stereos, and digital music devices.
The companies anticipated the transaction will be fulfilled by May 2008.
Among its several divisions, Sony is focused in entertainment, its shares closed 3 percent down to $43.03 at the closing trading of the New York Stock Exchange on Tuesday.