Monday, October 3, 2011

Rhapsody Buys Napster

Seattle-based music service Rhapsody is acquiring competing music streaming service Napster, the company said this morning, in an asset deal. Financial details of the acquisition were not disclosed. Rhapsody said it is acquiring both the subscribers and other assets of Napster, in a deal expected to close on November 30th. Rhapsody explained that the deal will extend its lead over competitors. Best Buy acquired Napster in 2008 for $54M.