Best Buy announced plans to buy digital music service Napster for $121 million, Reuters reports.

The company hopes to take on Apple's iTunes, which holds presides 70 percent of the US digital music market. Currently, Best Buy is among the top CD retailers. Napster, at one time the go-to hub for illegal filesharing, now offers digital subscription services.

Terms of the deal follow thus: Best Buy will pay $2.65 per share for Napster, which totals to almost double the latter's Friday closing price. The news increased Napster's value to about 86 percent ($2.53 from $1.17) over the next business day.

The acquisition shall include Napster's online customer service, which serves about 700,000 subscribers, and its mobile offerings.