Best Buy to acquire Napster
Napster has been looking for a buyer for a while now and it seems that they’ve finally found one: Best Buy.
According to a story at Reuters, the electronics retail giant will be buying Napster for $121 million in cash. Included in the deal will be approximately $67 million in cash and short term investments held by Napster, sot he net cost of the deal to Best Buy will be more like $54 million.
The deal is expected to close by the end of the calendar year and all 140 Napster employees are expected to remain at their Los Angeles headquarters.