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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