Napster Receives Last Minute Pardon

Napster is proving to have more lives than a cat. Bertelsmann, the German media conglomerate, will pay off Napster's creditors and keep it alive for the near future. Only three days after Napster CEO Konrad Hilbers and Shawn Fanning, Napster's creator, announced they were leaving the project, the deal which caused those resignations, actually came through.

According to the deal Bertelsmann will pay US$8 million to Napster's creditors and will acquire the ailing company's assets allowing Napster to file for Chapter 11 bankruptcy protection.
We are very pleased to have reached an agreement with Napster's board of directors, Joel Klein, CEO of Bertelsmann, the services and legal arm of Bertelsmann AG, said in a statement.
We're happy to see Napster move forward with Konrad Hilbers at the helm, Klein continued. We are very committed to providing artists the best possible distribution opportunities for their work, and to provide consumers more choice and control.

The Napster - Bertelsmann love affair has gone through many twists and turns, when Bertelsmann first announced they would attempt to buy Napster in October 2000, the world was stunned since BMG Entertainment, a record company owned by Bertelsmann, was in the process of suing the file-swapping company.
This final deal is a real bargain for Bertelsmann since only a week ago they had offered US$16 million to buy Napster. A lack of agreement among Napster board members however, caused that deal to be rejected and the resignations of Konrad Hilbers and Shawn Fanning. Those resignations may have been used as a means of pressure in order for the next Bertelsmann offer to be accepted.

The whole story seems to prove that Bertlesmann believe that the future of the record business relies on offering a reliable, subscription based, online music service.

Add new comment

CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

Comments

Napster Receives Last Minute Pardon

And now the dark resurrection of napster begins. From a free file share program to a media cash cow. From a service loved by users to a service loved by corperations. And its all metallica's fault! If ever there was an excuse to spam or hack someone well now i suggest that if anyone wants revenge on napsters fate to target metallica and the recording industry and do the world a big favor, SHUT THEM DOWN! Sure it sounds impossible but thats what they said about the internet. Do the world a favor and strike a blow for justice. Punch out metallica.

Napster Receives Last Minute Pardon

LOL, someone is upset, I my self don't give a shit cuz why would I use Napster when we have a 100 other programs that can do the same shit...So what I'm trying to say is that this artical just sayz...BLABLABLABLABLABLABLABLABLABLABLABLABLABLABLABLABLABLABLABLABLABLABLABLABLABLABLABLABLABLABLABLA...!Have fun you all and PLAY ALOT OF QUAKE ID SOFTWARE YEAHHHH...

Napster Receives Last Minute Pardon

This article is bullsh!t - Napster has been dead for years. The record companies (and Metallica) killed it, but now look what they get... dozens of Napster offspring that will not only take their greedy profits but also tear at the heart of the movie industry. It's the record companies' own fault that no one buys their godamn music anymore; maybe if they weren't greedy capitalist fudgepackers then people would buy it.

Add new comment