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Napster For Sale Again
Sep 19 2006, 12:46pm CDT | by Luigi Lugmayr
Music sharing pioneer Napster is looking for a new owner.
In investor tongue this sounds like: "Napster (Nasdaq: NAPS) announced today that in response to recent third party interest in establishing strategic partnerships or potentially acquiring the company, it has retained UBS Investment Bank to assist the Board and management in its evaluation of strategic alternatives."
It's an attractive deal says Napster's CFO: "Napster has a strong balance sheet with a healthy cash position of $97 million as of the close of the first quarter and we are currently generating annual revenues in excess of $100 million."
Despite the ok revenue Napster is still making a loss.
Selling Music online is getting harder and harder, because of Microsoft Zune and MTV Urge and my new favorite iTunes killer mySpace. No wonder the current Napster owners want out of the business.
More details in this Napster release. Via Heise (German).
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Luigi Lugmayr
Luigi is the founding chief Editor of I4U News and brings over 15 years
experience in the technology field to the ever evolving and exciting
world of gadgets. He started I4U News back in 2000 and evolved it into
vibrant technology magazine.
Luigi can be contacted directly at ml@i4u.com. Luigi posts regularly on LuigiMe.com about his experience running I4U.
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