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Best Buy nabs Napster; also: Target sends more hurricane relief, and tech firms may feel Wall Street meltdown

Best Buy is acquiring Napster for $121 million. The former file-sharing site was once a haven for college students looking to swap/steal songs. It’s struggled to make money since reinventing itself as an above-board, music subscription service and recently said it was open to offers. It has a list of about 700,000 subscribers that is included in the sale to Best Buy.

More Napster: Best Buy says the deal gives it a “platform for enhancing our capabilities in the digital media space and building new, recurring relationships with customers.” PaidContent.org writes: “Conceptually, it has shades of the smartly nixed Blockbuster-Circuit City tieup from earlier this year — but the deal is so small for Best Buy that it doesn’t carry too much risk.”

Target is sending $1 million in cash and products to the Gulf Coast for people recovering from hurricanes Ike and Gustav. The money is going to relief agencies, including the American Red Cross, the Salvation Army and Feeding America. It’s also sending blankets, food and toiletries. More Target: The company announced it’s purchased naming rights to the new Twins stadium.

One sector likely to feel a ripple from Wall Street’s meltdown: technology. ZDNet blogger Larry Dignan mentions St. Paul-based Lawson Software as one of the companies that might see a business decline: “Technology vendors that rely on financial services firms will see demand dry up for the sector.”

Do you have an inside scoop or news tip about a Minnesota company? Spotted something interesting in your RSS reader? Drop Business Agenda a note at dhaugen [at] minnpost [dot] com.

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