Online music company Napster Inc is for sale. The company said Monday it is considering options of either selling itself or forging alliances in order to set up possible joint ventures.
The company has hired UBS Investment Bank to help it assess possibilities and identify a suitable option.
Napster’s chief executive Chris Gorog said he had received expression of interest from third parties to acquire the company. There are also other proposals for strategic partnerships and joint ventures.
Los Angeles-based Napster had been a pioneer in free file-sharing service over the internet but it was forced to close down its operations in 2001 over charges of copyright violations. It sought bankruptcy protection in 2002 having been sued by record labels and transformed itself into a legal download site in 2003, after it was bought over by software firm Roxio, which itself was renamed after Napster.
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LOL! This is GREAT! I am GLAD they are having to sell. It shows that people are not as stupid as they wanted them to be….just putting the name “napster” on something does not mean it will sell! And it also pays back the music industry for believing that it would! The napster I knew is long dead….I hope whoever buys this gets a NEW name for the business they buy.