Fri May 17, 8:37 PM ET – (Rolling Stone)
Three days after announcing their resignations, Napster Chief Executive Konrad Hilbers and founder Shawn Fanning have both rejoined the company, following an $8 million dollar bailout by Bertelsmann Entertainment Group. BEG owns several labels, including Arista Records and J Records, where Santana, Alicia Keys and dozens of other artists make their homes. The deal, announced today, staves off an imminent bankruptcy filing, which prompted the departure of the two executives.
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