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Feds Approve Best Buy Acquisition of Napster

1 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.

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