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Napster founder joins bid for Warner

March 13, 2011 at 1:44 PM   |   Comments

LOS ANGELES, March 13 (UPI) -- Napster founder Sean Parker, nemesis of recording companies, could end up owning part of Warner Music Group, industry sources say.

The Hollywood Reporter, citing All Things Digital, says Parker has joined a group led by investors Ron Burkle and Doug Teitelbaum that is vying for the company. The asking price is $2.5 billion.

Parker is a billionaire thanks to his stake in Facebook. He was portrayed by Justin Timberlake in "The Social Network."

He is now advising Spotify, a music streaming service based in Sweden that has not launched in the United States and is at odds with WMG and Universal Music Group.

Metallica, a WMG act, sued Napster in 2000 after an unreleased song spread on the peer-to-peer network. Napster lost the case and was closed down.

ATD says Burkle and Teitelbaum lead one of at least five bidders looking at Warner, and a decision could come within weeks.

Topics: Ron Burkle
© 2011 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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