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Article: Napster CEO Steps Down; Sale Rejected

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AP Online
Article date:
May 15, 2002
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SAN FRANCISCO (AP) _ Napster Inc., the dorm-room experiment that revolutionized the music business, is in turmoil.

The chief executive and co-founder both stepped down Tuesday after the company's board rejected an agreement to be acquired by German media company Bertelsmann AG _ raising the possibility that the Internet pioneer might go under.

Napster is rapidly running out of cash and may soon file for bankruptcy protection, according to a source close to the company who spoke on condition of anonymity.

Napster's swoon comes three years after Shawn Fanning and Sean Parker created an Internet sensation when they founded the service, which allows ...

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