Napster For Sale
Napster 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. This last fiscal quarter the company lost nearly $10 million from operations (or $40 million annualized).
Chris Gorog, Napster's Chairman & CEO, said, "Napster is in a strong position to continue aggressively building our business as an independent company and we are pleased to also have the opportunity to thoughtfully examine potential combinations that may further enhance Napster's unique strategic and brand position in the center of digital media. Our goal is to enhance shareholder value which could potentially lead to a new strategic partnership or the sale of the company but in any event our primary focus will remain on growing Napster."
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