OFFICIAL: The Orchard & IODA Merge [More Details]

As we reported earlier, The Orchard and IODA are merging. A joint statement from both digital music distributors confirmed that the combined company will be called The Orchard. Brad Navin, current CEO of The Orchard, will become the CEO of the combined company. Kevin Arnold, founder and CEO of IODA, will take on an advisory role to the Board of Directors for new The Orchard and work on strategic projects for part-owner Sony.

Both companies have approved the transaction, which is subject to customary closing conditions and is expected to close in the second quarter of 2012.

In an email to it's labels The Orchard wrote: "The main point is: We're Better Together. We have more negotiating power so we can better assert your rights. We also have more resources to build better tools for you to connect with your audiences."

More on the merger here: Sony Merges The Orchard & IODA As Digital Music Consolidation Continues