Electronic retailer Best Buy announced this morning that it was buying music subscription service site Napster for $121 million, or $54 million of Napster’s cash and investments.
According to TheNew York Times, Napster has been losing money and subscribers. The site- founded in 1998 by boy genius Shawn Fanning, whose now more of a pop-culture icon in the “techy” realm- was already partly owned by Best Buy since 2004. Best Buy previously paid $10 million for a stake in the company in a joint marketing agreement.
The new agreement is widely believed to be Best Buy’s step towards competing against iTunes, by fully combining the digital subscription power of Napster with their own company.
Today’s deal is expected to close in the fourth quarter.
September 15, 2008 @ 1:08 pm
Napster Bought for $121 Million
Revolutionary digital music subscription company copped by Best Buy
Article tags: Napster, Best Buy, Shawn Fanning
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