Best Buy Purchases Napster

MarketWatch reports that Best Buy has decided to spend 54 million dollars to purchase Napster. In total the deal amounts to approximately $121 million, with an estimated $67 million put towards getting cash and short-term investments from Napster’s balance sheet. “The deal will give Best Buy an online digital music retail outlet as well as a subscription streaming service that has about 700,000 subscribers. That could help Best Buy to compete against retail giant Wal-Mart, which has its own online digital music offering.”  I dont know about you guys but who uses Napster anymore…not me or anybody I know.