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Best Buy Approved to Buy Napster

Richfield, Minn. Best Buy has been given antitrust approval to buy digital-music service Napster, according to a Reuters report.

Napster and Best Buy intend to compete against Apple's dominant iTunes, which has more than 70% of the market.

The Federal Trade Commission announced the deal's approval in a listing that the agency puts out several times a week.

Best Buy offered $2.65 per Napster share, valuing the deal at $121 million when it was announced in mid-September.