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Best Buy To Buy Napster For $121 Million

September 15, 2008 3:34 PM ET

Electronics retail giant Best Buy announced plans to purchase Napster for $121 million. Not much besides ownership will change over at Napster, as the company's current administration have worked out a deal ensuring the company's 140 employees will remain on board in their Los Angeles headquarters. As part of the deal, Best Buy will acquire Napster's 700,000 subscribers, its customer service and mobile capabilities. Of the $121 million, $67 million will go toward short-term investments. Best Buy offered double the company's Friday stock price, which was $2.65 a share. After today's disastrous decline on Wall Street, Best Buy might be wishing they waited a little longer to purchase the company.

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Napster Joins DRM-Free Revolution, Announces Start of MP3 Sales
is Steve Jobs Coming Around to Subscription Services?
P2P Service Qtrax Hits Launch Snag

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Song Stories

“Madame George”

Van Morrison | 1968

One of the first stream-of-consciousness epics to make it onto a Van Morrison record, his drawn-out farewell to the eccentric "Madame George" lasted nearly 10 minutes, combining ingredients from folk, jazz and classical music. The character that gave the song its title provoked speculation that it was about a drag queen, though Morrison denied this in Rolling Stone. "If you see it as a male or a female or whatever, it's your trip," he remarked. "I see it as a ... a Swiss cheese sandwich. Something like that."

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