Best Buy acquiring Napster!
This is somewhat surprising… Best Buy has announced that they are now acquiring Napster.
Napster as we all know started the online music delivery revolution. It used to be popular for pirated music files but is now a legitimate online media store.
Best Buy said that they are going to pay nearly $127 million for this acquisition.
The acquisition of Napster would help them expand their presence in the digital music market.
Best Buy would as a result get access to Napster’s 700,000 subscriber base which pays a subscription fee to get access to media hosted by the service.
Napster Chairman and Chief Executive Chris Gorog spoke about the deal: “We believe Best Buy will be an ideal partner for Napster and are very excited by the benefits that this transaction delivers to our shareholders, partners and employees.”
Analysts believe that the deal is a god send for the Napster as it has been struggling to survive in this cut-throat market dominated by Apple iTunes.
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