CATEGORIES
- WEB STARTUPS
- WEB NEWS
- CONFERENCES
- WEB TECH JOBS
- VENTURE CAPITAL
- MICROSOFT
- INTERVIEWS
- ADVERTISING
- VIDEO
- ALL TOPICS
- ALL COMPANIES
CONTRIBUTORS
- ADRIAN CHAN
- ALICIA NAVARRO
- ALLEN STERN-EDITOR
- CORSIN CAMICHEL
- DARREN HERMAN
- HANK WILLIAMS
- MARK DAVIS
- RICK TUROCZY
- SANFORD DICKERT
- SHANNON CLARK
Best Buy to Acquire Napster for $121 Million
Best Buy has announced plans to acquire Napster today for $121 million in cash. From the release, the proposed acquisition includes Napster’s approximately 700,000 digital entertainment subscribers, its Web-based customer service platform, and innovative mobile capabilities. In conjunction with the definitive merger agreement, Napster CEO Chris Gorog and key members of senior management of Napster have entered into employment agreements, effective at closing, pursuant to which they have agreed to continue as the Napster leadership post-acquisition.
Napster, which recently launched one of the world’s largest MP3 stores, had fiscal 2008 revenue of $127.5 million, an increase of 15 percent over the prior fiscal year; a loss of $16.5 million, an improvement compared with a loss of $36.8 million the prior fiscal year; and positive cash flow for the fiscal year ended March 31, 2008.






Best buy acquiring Napster is a Best Buy because of the increasing popularity of Napster in Japan. And japan is a large market.
note: comments may take up to 5 minutes to appear due to cache