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

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

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.

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.

Just another find example of a failing business model.

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

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?

This thread is 5 years old .

Well did they?

They haven't gone to bankruptcy yet

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