|
 |
|
MarketWatch reports that Best Buy has signed a deal to acquire digital music provider Napster for $54 million. "This transaction offers Best Buy a recognized platform for enhancing our capabilities in the digital media space and building new, recurring relationships with customers," Brian Dunn, president and chief operating officer, Best Buy. "Over time we hope to strengthen our offerings to consumers, who we believe will increasingly seek devices and solutions that enable them to access their content wherever, whenever and however they want." Under the deal, Best Buy will pay Napster or $2.65 a share in cash, a premium of 95% over the value of the stock at the end of last week. The retailer also is paying about $67 million for cash and short-term investments on Napster's balance sheet as of June 30. Editor's note: With this move, Best Buy will claim its place in online music. Specifically, MarketWatch says the move will help Best Buy compete against Wal-Mart, which has its own online music store. In the end though, Best Buy probably could have gotten a better return on its money by investing in a buggy maker... What's your take?
| |||||||||||||
|
|||||||||||||
