Rhapsody, today announced that it has signed an agreement with Napster, a unit of consumer electronics retailer Best Buy. Under the terms of the agreement, Rhapsody will acquire Napster subscribers and certain other assets, and Best Buy will receive a minority stake in Rhapsody. The transaction is expected to close on or around November 30, 2011.
The transaction will combine the subscriber bases of the two largest premium on-demand music services in the United States, and will allow Rhapsody to further enhance its product line to deliver even more value to its members.
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