October 3, 2011 05:38 pm EDT

Rhapsody announces plans to acquire Napster

Details are fairly light at the moment, but Rhapsody has just announced that it plans to acquire Napster, and that the deal is expected to be complete as soon as the end of November. In a statement, Rhapsody president Jon Irwin said that the deal "will further extend Rhapsody's lead over our competitors in the growing on-demand music market," and that "this is a 'go big or go home' business, so our focus is on sustainably growing the company." According to Rhapsody, the company will acquire Napster's subscribers and "certain other assets" under the agreement, and Best Buy (Napster's current owner) will receive a minority stake in the company. Press release is after the break.

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