Best Buy to buy Napster for $121 Million
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Consumer electronics retailer Best Buy Co. Inc said on Monday it plans to buy digital music service Napster Inc for $121 million in cash. Best Buy expects Napster and its 140 employees to remain at its current Los Angeles headquarters. Napster also said on Monday it would postpone its annual meeting in connection with the Best Buy agreement.
Included in the deal is approximately $67 million in cash and short term investments held by Napster, meaning the net price of the deal would be $54 million, the companies said. The companies said the proposed acquisition includes Napster’s approximately 700,000 subscribers, its Web-based customer service and mobile capabilities.
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