News

Best Buy to acquire Napster for $54 million

Dan Gallagher
MarketWatch

SAN FRANCISCO -- Best Buy Co. said Monday that it has signed a deal to acquire digital music provider Napster Inc. for $54 million, giving the retailer a means of taking on Wal-Mart in the increasingly important online-distribution channel.

Under the deal, Best Buy will pay Napster for $2.65 a share in cash, a premium of 95 percent over the value of the stock at the end of last week. The retailer also is paying about $67 million for cash and short-term investments on Napster's balance sheet as of June 30.

The deal will give Best Buy an online digital music retail outlet as well as a subscription streaming service that has about 700,000 subscribers. That could help Best Buy to compete against retail giant Wal-Mart, which has its own online digital music offering.

"This transaction offers Best Buy a recognized platform for enhancing our capabilities in the digital media space and building new, recurring relationships with customers," Brian Dunn, Best Buy's president and chief operating officer, said in a statement.

"Over time we hope to strengthen our offerings to consumers, who we believe will increasingly seek devices and solutions that enable them to access their content wherever, whenever and however they want."

In Monday trading, shares of Napster jumped $1.17 to $2.53. Best Buy shares dipped 79 cents to $43.70.

The deal has already been approved by Napster's board of directors. Best Buy said it expects to close the deal in the fourth quarter.

From genre-busting electronic music to new highs in the ever-evolving R&B scene, from hip-hop and Americana to rock and pop, 2017's music scenes bestowed an embarrassment of riches upon us.


60. White Hills - Stop Mute Defeat (Thrill Jockey)

White Hills epic '80s callback Stop Mute Defeat is a determined march against encroaching imperial darkness; their eyes boring into the shadows for danger but they're aware that blinding lights can kill and distort truth. From "Overlord's" dark stomp casting nets for totalitarian warnings to "Attack Mode", which roars in with the tribal certainty that we can survive the madness if we keep our wits, the record is a true and timely win for Dave W. and Ego Sensation. Martin Bisi and the poster band's mysterious but relevant cool make a great team and deliver one of their least psych yet most mind destroying records to date. Much like the first time you heard Joy Division or early Pigface, for example, you'll experience being startled at first before becoming addicted to the band's unique microcosm of dystopia that is simultaneously corrupting and seducing your ears. - Morgan Y. Evans

Keep reading... Show less

The year in song reflected the state of the world around us. Here are the 70 songs that spoke to us this year.

70. The Horrors - "Machine"

On their fifth album V, the Horrors expand on the bright, psychedelic territory they explored with Luminous, anchoring the ten new tracks with retro synths and guitar fuzz freakouts. "Machine" is the delicious outlier and the most vitriolic cut on the record, with Faris Badwan belting out accusations to the song's subject, who may even be us. The concept of alienation is nothing new, but here the Brits incorporate a beautiful metaphor of an insect trapped in amber as an illustration of the human caught within modernity. Whether our trappings are technological, psychological, or something else entirely makes the statement all the more chilling. - Tristan Kneschke

Keep reading... Show less
Culture

Net Neutrality and the Music Ecosystem: Defending the Last Mile

Still from Whiplash (2014) (Photo by Daniel McFadden - © Courtesy of Sundance Institute) (IMDB)

"...when the history books get written about this era, they'll show that the music community recognized the potential impacts and were strong leaders." An interview with Kevin Erickson of Future of Music Coalition.

Last week, the musician Phil Elverum, a.k.a. Mount Eerie, celebrated the fact that his album A Crow Looked at Me had been ranked #3 on the New York Times' Best of 2017 list. You might expect that high praise from the prestigious newspaper would result in a significant spike in album sales. In a tweet, Elverum divulged that since making the list, he'd sold…six. Six copies.

Keep reading... Show less

Under the lens of cultural and historical context, as well as understanding the reflective nature of popular culture, it's hard not to read this film as a cautionary tale about the limitations of isolationism.

I recently spoke to a class full of students about Plato's "Allegory of the Cave". Actually, I mentioned Plato's "Allegory of the Cave" by prefacing that I understood the likelihood that no one had read it. Fortunately, two students had, which brought mild temporary relief. In an effort to close the gap of understanding (perhaps more a canyon or uncanny valley) I made the popular quick comparison between Plato's often cited work and the Wachowski siblings' cinema spectacle, The Matrix. What I didn't anticipate in that moment was complete and utter dissociation observable in collective wide-eyed stares. Example by comparison lost. Not a single student in a class of undergraduates had partaken of The Matrix in all its Dystopic future shock and CGI kung fu technobabble philosophy. My muted response in that moment: Whoa!

Keep reading... Show less
Books

'The Art of Confession' Ties Together Threads of Performance

Allen Ginsberg and Robert Lowell at St. Mark's Church in New York City, 23 February 1977

Scholar Christopher Grobe crafts a series of individually satisfying case studies, then shows the strong threads between confessional poetry, performance art, and reality television, with stops along the way.

Tracing a thread from Robert Lowell to reality TV seems like an ominous task, and it is one that Christopher Grobe tackles by laying out several intertwining threads. The history of an idea, like confession, is only linear when we want to create a sensible structure, the "one damn thing after the next" that is the standing critique of creating historical accounts. The organization Grobe employs helps sensemaking.

Keep reading... Show less
9
Pop Ten
Mixed Media
PM Picks

© 1999-2017 Popmatters.com. All rights reserved.
Popmatters is wholly independently owned and operated.

rating-image