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Bertelsmann acquires Napster

17 May 2002 13:14 by Petteri "dRD" Pyyny

In last week everything seemed to collapse at headquarters of Napster; board of directors had rejected Bertelsmann acquisition offer and CEO Konrad Hilbers decided to leave the company -- later also six other executives announced that they will leave the company, including Napster's founder, Shawn Fanning.

Now Napster's board of directors have made a full U-turn and have decided to approve Bertelsmann new offer -- which is 50% lower than the previous offer :-)

So, story of Napster as an independent company finally ends. Bertelsmann acquires all shares of the company for $8M which will be paid to company's creditors. Acquisition opens the door for Napster to file for Chapter 11 bankruptcy protection.

Both Konrad Hilbers and Shawn Fanning will stay at the company.

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Related articles:

  • Universal licenses its music catalog to P2P start-up (16 November 2004)
  • The old Napster case not dismissed (15 July 2004)
  • The ghost of Napster appears in court (21 April 2004)
  • Bertelsmann cannot be sued in Germany? (26 July 2003)
  • Roxio buys Napster's assets (15 November 2002)
  • Bankruptcy judge blocks the sale of Napster (3 September 2002)
  • Napster files for Chapter 11 (3 June 2002)
  • Napster CEO quits (14 May 2002)
  • Bertelsmann to take over Napster? (6 April 2002)
  • Napster gets more funding from Bertelsmann (26 October 2001)
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  • Napster gets a new CEO from Bertelsmann (25 July 2001)
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