Napster (NSDQ: NAPS) has fallen into the arms of a surprise buyer: Best Buy. The big-box electronics giant will pay $121 million or $2.65 per share. Shares of Napster closed at $1.36 on Friday, so this is nearly a double for those die-hards that have held on for the long ride down –and in fact, Best Buy is only paying $54 million, once you net out Napster’s cash and short-term investments. Napster had been involved in an unusual proxy fight with three individual shareholders, and in a recent statement on the matter, it gave a heads up that it was open to a sale. Release. There’s more analysis at our sister site PaidContent.org.
Tricia Adds: One question is could the buy-out have any implications for mobile? Of late, Best Buy has been aggressive in mobile, rolling out mini-mobile stores within each of its big boxes. New services include people helping you pair your Bluetooth headset to the phone, and a partnership with Handango. Perhaps Best Buy wants to start selling some mobile content as well? Napster Mobile secured an impressive relationship with AT&T (NYSE: T) awhile back, however, a closer look at the details makes it look like there’s not much going on. On its side-loading mobile business, Napster supports dozens of handsets, but on its over-the-air service it only supports three.