Monday, October 3, 2011

Napster Acquired By Best Buy

Los Angeles-based Napster is being acquired by Best Buy, the firms confirmed this morning, where Rhapsody will acquire both Napster's subscribers and other assets, and Best Buy will receive a minority stake in Rhapsody. Financial details of the deal were not disclosed by the companies. According to the two, the deal is expected to close on or around November 30th. Rhapsody said the deal will "further extend Rhapsody's lead" over competitors. Los Angeles-based Napster was acquired by Best Buy in September of 2008 in a deal which was worth net value of approximately $54M.