Axehole

Napster has announced that it’s looking for buyers.

“In response to recent third party interest in establishing strategic partnerships or potentially acquiring the company, it has retained UBS Investment Bank to assist the Board and management in its evaluation of strategic alternatives.”

In other words, Napster hasn’t been able to transfer its notoreity into a strong business, and Microsoft’s announcement that it’s willing to lose hundreds of millions of dollars on the Zune to get into the music business put the nail in the coffin.

The company advised that it has not set a definitive timetable for completion of its evaluation and further that there can be no assurances that the evaluation process will result in any specific transaction. The company also advised that it does not intend to disclose developments regarding its evaluation of strategic alternatives unless and until its Board of Directors approves a definitive transaction.