E-Commerce Blog

Best Buy has announced it will acquire troubled online music store Napster for $121 million. The deal includes $67 million of cash on Napster’s balance sheet and values the Los Angeles-based Internet music store at roughly twice its Sept. 12 closing stock price. “It’s an interesting move and looks defensive by Best Buy,” Andy Hargreaves, an equity analyst with Pacific Crest Securities, told the E-Commerce Times. “It’s trying to offset a decline in compact disc sales by acquiring a digital music provider.”

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Best Buy Brings Napster in From the Cold

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