Barcelona, Spain-Based private Media Group Inc. offered to snap up Napster's most valuable remaining asset — its unique brand identity — for 1 million shares of Private's common stock, the bidding company announced in a release issued last week.
The company's chief executive, Charles Prast, said his company is interested in using the Napster trademark merely to place a familiar brand name on a peer-to-peer network for his pornography seeking customers.
"At Private, we feel that there has been an excess of spamming, credit card fraud, abuse of consumer data, and price gouging among many online providers of adult content. We intend to use the strength of the Napster trademark to build a community for adults to share content provided by Private and our industry partners," Prast said.
News source: MSNBC - Porn group offers to buy Napster
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