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Article: Napster CEO Quits Song-Swap Co.
- Article from:
- AP Online
- Article date:
- May 15, 2002
- Author:
CopyrightThis material is published under license from the Associated Press. All inquiries regarding rights should be directed to the Associated Press. (Hide copyright information)
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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 ...