April 12, 2002 |
Troubled music-swapping service Napster Inc. laid off 30 employees in the third round of job cuts since October. Napster Chief Executive Konrad Hilbers said the company remains committed to launching a revenue-generating, membership-based service but needs to streamline operations.
June 29, 2001 |
Richard Griffiths, president of Bertelsmann Music Group's European division, quit Thursday after six months on the job, becoming the second senior executive this month to abruptly exit the record conglomerate. The departure of Griffiths signals new turmoil in the management team established six months ago by BMG Chairman Rolf Schmidt-Holtz. Schmidt-Holtz, a former chief of Bertelsmann's TV unit, was appointed to his post after the sudden death of record executive Rudi Gassner.
June 3, 2002 |
Napster Inc., the Internet music-swapping service shut down in a dispute with record companies, may seek bankruptcy protection in Delaware as early as today as part of a proposed $8-million buyout, people familiar with the matter said. A Chapter 11 filing would allow Napster to be bought by Bertelsmann, Germany's biggest media company, and reorganize under current management, the people said.
June 16, 2001 |
Bertelsmann, Germany's biggest media company, expects its income from operations to rise to $3.1 billion, boosted by its television business. Operating profit--earnings before interest, taxes and amortization--is expected to remain unchanged at about $940 million, said Bertelsmann spokesman Oliver Herrgesell. He would not provide comparable figures for 2000. Sales are to rise 31%, to $18 billion.
September 14, 2002 |
Napster Inc. creditors won two more weeks to solicit bids for the company's assets and stave off liquidation. U.S. Bankruptcy Judge Peter Walsh delayed ruling until Sept. 27 on a motion by federal officials to shut the firm down for good. A committee of unsecured creditors, including one of Napster's former law firms, said bid solicitor Trenwith Securities had received strong "expressions of intent" from companies willing to bid millions of dollars for Napster's technology and other assets.
October 25, 2001 |
Napster Inc., the beleaguered online song-sharing company, laid off 15% of its work force to "strengthen resources" for its long-delayed subscription service, Chief Executive Konrad Hilbers said. The Redwood City, Calif.-based firm also disclosed that it won't revive the controversial free service that drew more than 70 million registered users, along with a crippling copyright-infringement lawsuit from the major record labels and music publishers.