Napster is soon to have a new owner.

The US Federal Trade Commission has given retail chain Best Buy its approval for the $121 million deal, which was first announced at the beginning of the month.

Best Buy is hoping that the acquisition of the digital music service could see it in a position to take on Apple's iTunes, which currently holds 70% of the market.

The retailer will take over Napster's approximately 700,000 subscribers as well as its web-based customer service and mobile capabilities.

"Best Buy intends to use Napster's capabilities and digital subscriber base to reach new customers with an enhanced experience for exploring and selecting music and other digital entertainment products over an increasing array of devices", said Best Buy's president earlier this month.