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Rhapsody Acquires Napster From Best Buy

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Rhapsody

Rhapsody announced today that it has acquired Napster from the big box chain Best Buy for an undisclosed amount. As part of the deal, Rhapsody will absorb Napster's subscriber base along with other assets of the rival music subscription service, and Best Buy will take a minority stake in Rhapsody. According to a press release from Rhapsody, the deal with Best Buy will close by the end of November.

Photos: Random Notes

A representative of Rhapsody has told Billboard that the company intends to slowly phase out the Napster brand in the United States, but will retain the option to use the name in other territories. Rhapsody previously acquired Yahoo! Music's Music Unlimited subscription service in 2008, which added around 400,000 subscribers to its user base.

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