Napster Files For Chapter 11

Share this content:
Napster Inc., the company that started the online song-swapping craze, sought chapter 11 bankruptcy protection yesterday, according to news wire services.


The bankruptcy filing, made in Delaware, is part of a deal in which music industry giant Bertelsmann AG agreed to purchase the failing Napster for $8 million. As of April 30, Napster had $7.8 million in assets and $101 million in debt.


Napster has not been in operation since July, when it went offline amidst its fight against lawsuits by major record labels, alleging copy infringement. The company had announced its plans to stage a comeback as a royalty-paying service.


At the peak of its popularity, Napster had approximately 60 million users.


close

Next Article in Digital Marketing

Sign up to our newsletters

Company of the Week

Brightcove is the world's leading video platform. The most innovative and respected brands confidently rely on Brightcove to solve their most demanding communication challenges because of the unmatched performance and flexibility of our platform, our global scale and reliability, and our award-winning service. With thousands of customers and an industry-leading suite of cloud video products, Brightcove enables customers to drive compelling business results.

Find out more here »

Career Center

Check out hundreds of exciting professional opportunities available on DMN's Career Center.  
Explore careers in digital marketing, sales, eCommerce, marketing communications, IT, data strategies, and much more. And don't forget to update your resume so employers can contact you privately about job opportunities.

>>Click Here

Relive the 2017 Marketing Hall of Femme

Click the image above