Napster nears bankruptcy

By uncleel
May 15, 2002
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  1. Napster nears bankruptcy filing as Fanning quits
    By Paul Abrahams in San Francisco and Bertrand Benoit in Frankfurt
    Published: May 14 2002 22:14 | Last Updated: May 15 2002 07:16
    Financial Times.com News
  2. uncleel

    uncleel Newcomer, in training Topic Starter Posts: 1,145

    Bertelsmann to buy Napster
    by Julio @ 1:28 AM - [Comments]
    German media conglomerate Bertelsmann has agreed to acquire Napster in a deal that will keep the controversial file-sharing service alive for the near future.
    Napster CEO Konrad Hilbers and Shawn Fanning, Napster's creator, will remain with the company.

    Under Friday's deal, Bertelsmann will pay $8 million to Napster's creditors to acquire the company's assets. The transaction opens the door for Napster to file for Chapter 11 bankruptcy protection, according to sources close to the deal.

    Read more: CNet News. http://news.com.com/2100-1023-916774.html
  3. TS | Thomas

    TS | Thomas Newcomer, in training Posts: 1,327

    Dunno why they are gonna bother. Seems like an awful lot of money wasted for nothing. Think napsters been gone long enough now that everyone knows the alternatives, can't say I'd rush back to it knowing I'd have to pay.
  4. cabrone

    cabrone Newcomer, in training Posts: 166

    i wonder how many people actually use it now, and pay. I mean if you have to pay you could just go to mp3.com and if you really like napster's format, there are plenty of other alternatives.
  5. Rick

    Rick TechSpot Staff Posts: 6,304   +52 Staff Member

    Just another find example of a failing business model.

    You don't don't charge money in what is an essentially free market.
  6. wildkholly

    wildkholly Newcomer, in training

    I would assume there are other companies out there like napster taht are headed for the same inevitable faliure. Has anyone heard of www.showstash.com? I sthat sight a legal site?
  7. cfitzarl

    cfitzarl TechSpot Chancellor Posts: 2,520   +9

    This thread is 5 years old :suspiciou .
  8. captaincranky

    captaincranky TechSpot Addict Posts: 10,016   +716

    Ah ha.....!

    Well did they?
  9. cfitzarl

    cfitzarl TechSpot Chancellor Posts: 2,520   +9

    They haven't gone to bankruptcy yet :suspiciou
  10. captaincranky

    captaincranky TechSpot Addict Posts: 10,016   +716

    I'm going to......

    cross my fingers and hold my breath, although I'm not sure exactly why.
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