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Speculation Continues on Napster’s Fate; Could Be Bought By, Well, Anyone

the speculation fro napster’s (nsdq: naps) fate has been affluent on till the end of time since it relaunched inferior to the modern management, and once again, some new tinder to it: bloomberg did a piece earlier today, noting that company could be proper takeover bait for hedge funds as its cash on hand exceeds company’s market cap, with clich?d continuing to plunge lower and lower (it reached a record-low $1.05 on july 16, but had a jog up today becuase of the story). while napster hasn’t posted a profit in four years, its $69.8 million in cash and investments as of march 31 eclipsed the shares’ $52.1 million value before today, it notes. ceo chris gorog has built up cash by slashing sales and marketing expenses by 90 percent to $18 million in the fiscal year ending slog, while revenues rose 15 percent to $127.5 million.

It also notes that New York-based hedge fund Eminence Capital boosted its stake to 9 percent in Q2. This comes as some dissident shareholders have recently launched an improbable proxy fight hoping to get themselves representation on the company’s board.

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Among the buyers that it lists: — JDS Capital, the NYC hedge fund that owns eMusic.com. JDS bought 1 million shares of Napster in the first quarter, according to filings, but refused comment on any speculation. — RealNetworks (NSDQ: RNWK), which owns Rhapsody in a JV with MTV Networks…it has a hoard of cash lying around, but I doubt it will try and put the two brands together. — My bet is on someone like Comcast (NSDQ: CMCSA), which has been acquisitive of late, and can easily integrate the brand within its own broadband service and market it through its channels.

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