Rhapsody acquires Napster from Best Buy
Published Oct 3 2011, 21:17 BST | By Mark Langshaw Rhapsody
has acquired fellow music subscription service Napster.
The company struck up a deal to purchase its competitor's subscribers and other assets from Best Buy, who will receive a minority stake in Rhapsody, CNET
Best Buy entered the online music sector in 2008 with the purchase of the revamped Napster. Financial details of the deal with Rhapsody have not been disclosed.
Napster was founded by Shawn and John Fanning in 1999. The service pioneered filesharing but was toppled by a series of high profile lawsuits from record labels. A subscription service was later rolled out under the banner.
At the time of Best Buy's acquisition, Napster claimed that it had 700,000 subscribers. As updated figures are yet to be released, it is uncertain how many registered users hold an account with the platform. Facebook announced that it has entered a music partnership with Rhapsody
, as well as competitors Spotify and Vevo, at last month's f8 conference.> Read our latest technology news