Feds Approve Best Buy Acquisition of Napster1 Oct, 2008 By: Erik Gruenwedel
The Federal Trade Commission (FTC) Oct. 1 reportedly approved Best Buy Co.’s $121 million acquisition proposal of digital music download pioneer Napster. The FTC announced the approval in its daily listings, according to Reuters.
As part of mandatory antitrust oversight, the federal government routinely examines major corporate mergers and acquisitions to determine whether the specter of monopolistic pricing and market dominance would adversely affect consumers.
Best Buy has sought Napster in an effort to counter Apple’s iTunes digital music market dominance.