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LOS ANGELES (AP) - Music download service Napster Inc. sought Wednesday to counter rumors that it was for sale or on the verge of shutting down.
Napster Chairman and Chief Executive Chris Gorog told investors the company was not looking to sell itself and that recent layoffs were designed to run the company more efficiently.
Gorog made his comments as part of the company's third-quarter earnings presentation. Napster swung to a loss in the quarter as the company increased spending on marketing its online music service, although the loss was less than analysts had expected.
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