Stock Watch: Audiohighway Gains on Warner Music Alliance (Nasdaq: AHWY) rose 7/8 to 2 29/32 Friday after the Internet entertainment company announced an alliance with Time Warner, Inc.’s Warner Music Group that includes Warner’s purchase of a “small equity stake” in Audiohighway.

Audiohighway said it will pay an undisclosed amount to Warner Music in exchange for the right to stream music videos from Warner’s U.S. Web site. The videos will also be integrated into Audiohighway’s My JukeBox service, which provides point-and-click streamed music programming.

The Cupertino, California-based Audiohighway boasts one of the Internet’s largest libraries of free audio content. It also operates, which sells music, videos, computers and peripherals, and other products.

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