German media giant Bertelsmann has completed an $8m takeover of Napster to keepthe troubled internet music swap shop up and running.
The deal will see Napster continue with Konrad Hilbers as chief executive officer and founder Shawn Fanning as chief technology officer, both of whom had resigned last week.
Bertelsmann purchased the company's assets and said it would make $8m available to pay off Napster's creditors.
"We are very pleased to have reached an agreement with Napster's board of directors," said Bertelsmann chief executive, Joel Klein, in a statement. "Peer-to-peer is a transforming technology and we're proud to have Shawn Fanning continue to work on its development."
Napster will now become a wholly owned subsidiary of Bertelsmann and will soonbe able to work on its long-awaited digital music subscription service.
Fanning himself commented that he was keen to "complete the new service and get it off the ground".
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