Best Buy to Acquire Napster
NEW YORK Napster, once the bane of the music industry’s existence, provided a rare safe haven for investors Monday courtesy of the company’s decision to allow retailer Best Buy to purchase it for $121 million.
The sale agreement led to an 86 percent surge in the price of Napster shares, not bad considering that Monday was one of the worst days in Wall Street trading in six years.
Napster no doubt thrilled shareholders who had been used to seeing their investment in the digital music company shrivel while Apple’s iTunes dominated the marketplace.
Napster shares had fallen 95 percent in the past six years before Monday’s announcement.
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