Peter Kafka, Managing Editor, Silicon Alley Insider

Sold! Best Buy Swallows Napster for $121 Million

September 16, 2008 at 12:03 am PT

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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Tagged with: Best Buy, Chris Gorog, Napster, Peter Kafka, shareholders, Silicon Alley Insider

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