Best Buy's purchase of Napster OK'd by FTC

Categories: Business


Best Buy's purchase of online music site Napster got the OK from the Federal Trade Commission today, according to filings made today.

The deal, worth $121 million was announced Sept. 15. The FTC granted early termination of the required waiting period for the deal that values Napster at $2.65 per share.

According to the Minneapolis-St. Paul Business Journal, Best Buy president and chief operating officer Brian Dunn explained the purchase during the announcement mid-September:

"Best Buy intends to use Napster's capabilities and digital subscriber base to reach new customers with an enhanced experience for exploring and selecting music and other digital entertainment products over an increasing array of devices."

Wait, did someone convince Best Buy that young people still use Napster? That was so 1999.



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