MTV/Rhapsody Details: RealNetworks In Charge, MTV Kicking In $230M

The MTV/Rhapsody conference call was light on substance, but RealNetworks has filed an 8-k with bona-fide news:

* RealNetworks is in control of the joint venture. An MTV Urge exec has been placed in charge, but Real will own 51%, and the player, software, etc will all come from Rhapsody. MTV owns a series of puts that kick in starting 2012. Real owns calls on same time frame.

* Both sides are investing undisclosed cash and random assets, but MTV is lending the JV$230 million, presumably to make up for the fact that the Urge assets are worthless.

* This won’t be a game-changer for Real anytime soon: The company, which will do about $570 million top line this year,  estimates an additional $500,000 in revenue from the JV for the next quarter and $2-$3million for the rest of year. Filing

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