Best Buy brings Napster in from the cold

Best Buy has announced it will acquire troubled online music store Napster for US$121 million.

The deal includes $67 million of cash on Napster's balance sheet and values the Los Angeles-based Internet music store at roughly twice its Sept. 12 closing stock price.

Richfield, Minnesota-based Best Buy, one of the largest retail chains of consumer electronics goods, declined to comment.

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