By Will Sturgeon, 5 June 2002 08:02
NEWS Napster has filed for bankruptcy - bringing some closure to the long drawn-out demise of the controversial file sharing service. Napster has agreed to sell its assets to German media giant Bertelsmann for $8m and the assumption of a number of the company's liabilities - including Bertelsmann's own $91m handout to the fallen music swapping service. The Chapter 11 bankruptcy protection will keep Napster's creditors at bay while it readies the sale, though it is still leaving the door open should a better offer than Bertelsmann's come along. A paid-for 'Napster' has always been on the cards following its closure after a protracted legal battle with the Recording Industry Association of America and the courts. Any future incarnation of the service will now appear under the branding of its eventual owner.
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