Best Buy To Acquire Music-sharer Napster For $121 Million
A filing from the US Securities and Exchange commission (SEC) confirms that Best Buy has entered into a contract to completely purchase online music service Napster for $121 million counting $54 million up-front.
According to SEC, Napster will have 20 days to make from Sept 26,2008 a firm decision on the business, although a final plan of contract was already agreed, though opposing bids are welcome during that time.
The Best Buy reports that the retailer would be acquiring Napster’s subscriber based of 700,000 - its service to the customers based on the web and its mobile technology. No other technology is enumerated as belonging to the business - a clear indication that the platform of P2P which in the past defined Napster is not anymore of great value.
How made Best Buy-Napster occur? Well, after UBS contacted approximately 80 players during the years and had given up, talks started with the Best Buy with the beginning of the year, according to a detailed SEC filing of Napster.