Napster Looks For Buyer

Los Angeles-based Napster has hired UBS, an investment banking firm, to evaluate its strategic alternatives. Napster said late Monday that it is looking to enhance sharholder value, either through a new strategic partnership or sale of the company. The firm said that it has $97M in cash as of the close of the first quarter, and annual revenues of $100M. The company also disclosed that it has more than half a million subscribers. Napster operates a music download service that goes head to head against Apple's iTunes and other music serviecs.