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RealNetworks (RNWK ) : Reiterates 3 STARS (hold)
Analyst: Scott Kessler

We believe the company has settled its antitrust lawsuit against Microsoft (MSFT ), and the companies have scheduled a related conference call for 1 pm EDT. However, we cannot confirm the specifics reported by The Wall Street Journal on Oct. 11, which indicate the deal's value at some $750 million. The agreement could provide for RealNetworks's Rhapsody music service being promoted by Microsoft's MSN. Since filing its lawsuit in Dec. 2003, RealNetworks has incurred some $21 million in antitrust expenses through the second quarter. With a market cap of under $1 billion, we think a $750 million settlement would be a substantial windfall for RealNetworks.
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