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Best Buy acquiring Napster

Big-box electronics retailer will pay $121 million for the digital music service, or nearly twice the per-share value.

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Mobile | by Evan Blass | Mon Sep 15, 2008 9:37AM | 0 comments

Consumer electronics retail giant Best Buy will be purchasing digital music download service Napster for $121 million in cash, Reuters reports. The $2.65-per-share that Best Buy is paying represents nearly twice the value of Napster's stock at Friday's closing price. As part of the deal, which is expected to close during the fourth quarter, the retailer will take possession of Napster's web- and mobile-based infrastructure along with its 700,000 subscribers, while allowing its acquisition's 140 employees to continue working at their Los Angeles headquarters. Napster was one of the original peer-to-peer file sharing services in the late 1990's, however, the branding was later sold to the commercial operation which currently bears that name.

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