Artistdirect in $97-Million Deal With Media Giants

Artistdirect Inc., a Santa Monica-based online music company, announced Wednesday that it has received about $97 million in equity investments from a handful of leading media and entertainment conglomerates, including Seagram’s Universal Music Group, Sony Music, BMG and Time Warner’s Warner music division.

Under the deal, each record corporation will provide specific promotional and musical content in exchange for a minority stake in the company. In addition, Yahoo Inc. and Cisneros Television Group have also taken minority stakes in the online venture.

Artistdirect is an Internet business that consists of a leading music search engine, a retail store and myriad online channels and Web sites that the company operates and maintains on behalf of artists.