Bertelsmann Buys Napster for $8 Million; Fanning, Hilbers to Rejoin
German media conglomerate Bertelsmann has agreed to acquire Napster in a deal that will keep the controversial file-sharing service alive for the near future. Napster CEO Konrad Hilbers and Shawn Fanning, Napster’s creator, will remain with the company. On Tuesday Hilbers announced his resignation after Napster’s board of directors rejected a deal for the company to be acquired by the German company. Fanning at that time also decided to leave the company, sources said. Under Friday’s deal, Bertelsmann will pay $8 million to Napster’s creditors to acquire the company’s assets. The transaction opens the door for Napster to file for… Read more »
