MelodyVR buys Napster for $70M

Napster, the pioneering digital music brand from way back when, is changing hands once more. Today, a U.K. startup called MelodyVR, which creates immersive live music experiences that you watch either through VR headsets or phones, announced that it has acquired Rhapsody International — the company that owns Napster and was most currently majority-owned by RealNetworks — for $70 million in a cash and share deal that MelodyVR is describing as a reverse takeover.

MelodyVR said that initially, the two will continue to operate as separate businesses, but the longer-term plan is to build out a wider platform that incorporates both immersive, virtual live music as well as music streaming services.