Rhapsody will acquire its iconic competitor Napster from Best Buy with the tech retailer taking shares in Rhapsody as part of the deal.
Digital music service Rhapsody signed an agreement on Monday to acquire its similarly US-based competitor Napster from technology retailer Best Buy. As part of the deal Best Buy, which paid $121m for Napster in September 2008, will obtain a minority stake in Rhapsody.
The monetary figures for the transaction were undisclosed but the terms will include Rhapsody acquiring Napster’s current subscribers as well as unnamed additional assets. The transaction is expected to close at the end of November.
The…
