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Sold! Best Buy Swallows Napster for $121 Million

September 16, 2008
by Peter Kafka
Managing Editor, Silicon Alley Insider

Peter Kafka

Looks like Chris Gorog really was serious about selling off perennially troubled Napster, after all. He’s selling the company to Best Buy for $121 million. That’s $2.65 per share, which works out to be $54 million net of cash.

The good news for Napster shareholders is that Best Buy is paying twice Friday’s closing price. The bad news, for anyone who’s held the stock for any length of time: A year ago NAPS was trading above $3.

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