Best Buy Sheds Napster and Shares Drop 5%
On Monday, Rhapsody announced it will buy Napster from Best Buy Co. (NYSE:BBY) for an undisclosed amount.
The deal has Best Buy taking a minority stake in Rhapsody and includes Napster’s subscribers and “certain other assets.” This comes as the two streaming music service providers face increased competition from companies such as Mog, Spotify, and Pandora (NYSE:P).
Best Buy’s stock (NYSE:BBY) is down 5% to $22.12 on the news. Shares are down 34.5% year to date. The stock has traded in a 52-week range between $22.12 and $45.63.
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