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Rhapsody to Acquire Napster from Best Buy (BBY)

October 3, 2011 1:15 PM EDT
Rhapsody has signed an agreement with Napster, a unit of consumer electronics retailer Best Buy Co., Inc. (NYSE: BBY).

Under the terms of the agreement, Rhapsody will acquire Napster subscribers and certain other assets, and Best Buy will receive a minority stake in Rhapsody. The transaction is expected to close on or around November 30, 2011.

Financial terms were not disclosed.


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