Best Buy To Purchase Napster For $121m

Category: Internet
Posted: September 15, 2008 09:10AM
Author: jammin

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Best Buy is aiming to expand on its bricks and mortar store sales with the purchase of online music retailer Napster for $121m in cash and investments. Napster is of course notorious for being one of the first peer-to-peer file sharing networks to garner attention from the music industry. The company has since gone legitimate, and now claims to have 700,000 subscribing members. The deal with Best Buy, which values Napster at more than twice its market value is expected to close in the fourth quarter and may help to turn around music service's fortunes, with stock values falling 57% in the past year.