Online video and music rental deal worth $5.3 million announced in Japan

Movie and music rental store operator Geo said yesterday they plan to buy all outstanding shares from Posren (post rental), Livedoor’s online DVD rental service for 560 million Yen ($5.3 million). The deal is supposed to take place July 1st.

Geo tries to close the gap to market leader Tsutaya, which operates Discas for renting DVDs and music CDs online. Another competitor is DMM. Tsutaya announced a new distribution for HD video just a few days ago. Aichi-based Geo’s own service is called Geo Land.

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