In advance of its quarterly earnings call, RealNetworks pre-released financial details that, among other things, suggest the Rhapsody America subscription service is not worth as much as it once was.

RealNetworks sold 49% of the Rhapsody service to MTV in 2007, creating a joint venture called Rhapsody America. The company said it will not account for the quarterly gain on the sale in its pending fourth-quarter earnings report "due to declines in market valuations and, therefore, a decline in the assumed valuation of the Rhapsody America venture."

RealNetworks overall expects to report revenues of between $151-153 million. The full fourth-quarter earnings results will be released Feb. 12.

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