Best Buy to Acquire Napster
New York City Best Buy Inc. said Monday it will acquire online music-sharing site Napster Inc. for about $126.8 million in cash in a move to boost its digital-media capabilities.
In a statement, Best Buy valued the deal at $121 million—or $54 million after netting about $67 million in Napster’s cash and short-term investments.
The takeover is expected to close in the fourth quarter. The deal includes Napster’s 700,000 subscribers, its Web-based customer-service platform and mobile capabilities.
Napster CEO Chris Gorog and other senior management will continue in those roles. Best Buy said it does not plan to relocate the headquarters or make “significant” changes in personnel.
Napster said it will postpone its annual meeting of stockholders, scheduled for Thursday, due to the acquisition agreement.
Tuesday Morning engages AT&T for telecommunications management
DALLAS Tuesday Morning and AT&T have entered into two three-year contract agreements, under which AT&T will provide long distance and broadband aggregation services for Tuesday Morning’s retail locations.
Through the AT&T BusinessDirect Portal, Tuesday Morning will be able to manage its long distance and broadband services. The portal provides a visual breakdown of each store’s and region’s usage of telecommunications services.
“In evaluating our broadband and voice services, we wanted to have better insight into what we were spending, and AT&T offered a solution that enabled us to do that,” said Stephen Heinmiller, senior vp and cio for Tuesday Morning. “By streamlining our telecommunications process across the company, we are now seeing where and how our Information Technology dollars are spent. This type of efficiency will help us analyze and optimize our cost structure.”
Wal-Mart launches voter registration campaign
BENTONVILLE, Ark. Wal-Mart has launched a voter registration campaign that will feature public service announcements on its in-store television network later this month to encourage both shoppers and associates to register and vote in the November elections.
The campaign will include two, 15-second PSAs that will encourage viewers to register to vote and cast their ballots in the upcoming election. The PSAs will run in stores through Election Day.
The company has also launched a voter registration portal on its corporate Web site, www.walmartstores.com/vote, and feature posters with voter registration information at nearly 600 Sam’s Club U.S. locations.
“Pollsters have found that our core shoppers, Walmart women, are an influential demographic in the upcoming presidential election,” said Leslie Dach, Wal-Mart’s evp of corporate affairs and government relations. “Our voter registration campaign is designed to encourage millions of customers and associates to register and cast their vote.”