RealNetworks becomes majority owner of Rhapsody with doubled stake

Napster’s parent company, RealNetworks, has doubled its existing stake in the streaming service. RealNetworks acquired the debt and equity interests in Rhapsody International, an action that gives it about 84% of the outstanding stock in Napster. The deal includes a commitment from RealNetworks to pay $1 million cash up front and an additional $14 million overtime subject to conditions.

Despite the increased ownership from RealNetworks, Napster’s leadership will remain unchanged. Bill Patrizio will stay in his post as Napster CEO and Rob Glaser will remain the company’s Chairman. Napster will continue to operate as an independent subsidiary of RealNetworks.

Anna Washenko