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Media conglomerate Vivendi Universal, whose music arm has made aggressive forays into digital music, announced Sunday that it plans to buy online pioneer MP3.com for $5 a share, or $372 million.

The purchase will give Vivendi Universal one of the Web's most well-known music destinations and boost its audience for online music to more than 40 million users. Additionally, it would give the conglomerate access to patented technology for distributing music online, as well as mining data on usage.

The deal also will deliver MP3.com, which has struggled with a sagging share price and copyright lawsuits, into the arms of the stable media giant. Ironically, Vivendi Universal had earlier sued MP3.com for using its material without permission.

"The MP3.com strategic acquisition is a big step forward for Vivendi Universal's priority to develop and implement an aggressive, legitimate, and attractive offering of our content to consumers," Vivendi Universal chief Jean-Marie Messier says in a statement. "With MP3.com's proven technologies and team, we'll have the tools and talents to aid the success of this and other digital-content distribution ventures. Their engineering and digital expertise will be a tremendous advantage for Vivendi Universal, especially in the digital distribution of all Vivendi Universal content and the creation of common technology platforms."

The cash-and-stock deal is being structured as a "reorganization that will be tax-free to MP3.com shareholders to the extent they receive Vivendi Universal shares," according to a company statement.

It's unclear exactly when the deal is expected to receive shareholder approval. Vivendi says MP3.com's board of directors has already approved the deal and that MP3.com shareholders whose total holdings are more than 50 percent have already agreed to sign off on the transaction.

Beat 'Em, Then Buy 'Em

Vivendi Universal's decision to snap up the seminal online music company comes less than a year after it beat MP3.com in a federal lawsuit for "willfully infringing" on copyrights owned by its Universal Music Group unit, which is the world's largest music group. As part of the settlement, MP3.com was forced to pay the media company $53.4 million.

In a statement, Vivendi Universal said it expects MP3.com to contribute heavily to Universal Music Group's online music initiatives, including its upcoming Duet joint venture with Sony. That service is expected to launch sometime this summer. Vivendi Universal cites MP3.com's technology, including patented technology for music distribution, as well as comprehensive data management and tracking systems, as a driving reason for the acquisition.

The company says the combined audience for MP3.com and for Vivendi Universal's GetMusic, Farmclub, and Emusic initiatives would reach some 40 million registered users. That would give Vivendi the largest online music audience of any of the major music groups. Vivendi subsidiary Universal Music acquired Emusic recently.

For now, MP3.com will operate as a separate brand. But it remains uncertain how much of MP3.com's management and how many of its employees will stay on.

Vivendi Universal did not comment on outstanding lawsuits against MP3.com, but one company source says it "has done extensive due diligence on the question of litigation. While risks associated with this or any litigation should not be minimized, we believe that adequate measures have been taken to protect the interests of Vivendi Universal."

A number of lawsuits are still pending against MP3.com, mostly from independent music labels and artists, including Major Bob Music, Tom Waits, Randy Newman, and members of the band Heart.

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