Best Buy acquires Napster for $121 million
It's been a long, tumultuous road for Napster, but the music service once loathed by James Alan Hetfield will soon be property of Best Buy. Announced this morning, the retail giant has agreed to buy Napster Inc. for a staggering $121 million, $67 million of which will be cold, hard cash. The deal is set to close in Q4 of this year, and it will include Napster's "700,000 digital entertainment subscribers, web-based customer-service platform and mobile capabilities." According to Best Buy president Brian Dunn, it intends to use "Napster's capabilities and digital subscriber base to reach new customers with an enhanced experience for exploring and selecting music and other digital entertainment products over an increasing array of devices." We're still remaining calm for the moment, but if Best Buy starts buying up unprecedented amounts of dark fiber without explanation, we'll go ahead and assume it really is trying to take over the world.
