Bertelsmann pays peanuts for the file-swapping monkeys who shook-up an entire industry
Published: 20 May 2002 08:59 GMT
German media giant Bertelsmann is to buy up Napster for a mere $8m in a move which should secure the future of the music swapping service.
Napster CEO Konrad Hilbers and Shawn Fanning, the creator of Napster, will remain with the company.
Under the terms of the deal, Bertelsmann will pay $8m to Napster's creditors to acquire its assets.
Joel Klein, CEO of Bertelsmann, said in a statement: "We're happy to see Napster move forward with Konrad Hilbers at the helm. We are very committed to providing artists the best possible distribution opportunities for their work, and to provide consumers more choice and control."
It has been reported that Bertelsmann offered $16m to buy the company early last week, but it's alleged that Napster's board members could not agree on the terms of the deal.
Hilbers and Fanning both then handed in their resignations. But Bertelsmann's bid will bring them back into the fold.
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