Vicarious Music & Media

Napster sells out…

…to Best Buy for a whopping 121 Million.

Electronics retail giant Best Buy announced a definitive merger agreement to acquire digital music service provider Napster for $121 million. Per terms of the deal, Best Buy will scoop up Napster’s 700,000 digital entertainment subscribers, its web-based customer service platform and mobile capabilities–Napster CEO Chris Gorog and other senior management suits will remain at the helm post-acquisition. Best Buy said it will employ Napster’s digital services to reach new customers across an increasing array of devices, with an emphasis on capturing recurring revenue via the mobile platform.”

Full press release with all the details here

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