Best Buy To Snag Napster
ADOTAS – Best Buy plans to snap up Napster for $121 million in cash, or $2.65 a share (double its $1.36 closing price on Friday; a year ago, it was trading at more than $3 a share).
The deal includes $67 million in Napster’s cash and short term investments, making the net price worth about $54 million.
Best Buy said it plans to use Napster’s platform to pad out its own digital delivery platform and build relationships with its customers. The proposed buy includes Napsters 700,000 subscribers, its online customer service model and its mobile capabilities.
Napster’s executive team will remain in place.
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