MINNEAPOLIS, March 27, 2007—Best Buy Co., Inc. (NYSE: BBY) has agreed to acquire Speakeasy, Inc., one of the largest independent broadband voice, data and IT service providers in the United States. This move strengthens Best Buy’s technology portfolio in the small business space, delivered through the company’s Best Buy For Business unit.

Best Buy anticipates a closing date for the transaction in the first quarter of its 2008 fiscal year. Following the close, Speakeasy would operate as a wholly owned subsidiary of Best Buy. The company disclosed the purchase price of approximately $97 million, which represents approximately 1.2 times Speakeasy’s calendar year 2006 revenue of $80 million. Best Buy currently expects the transaction to be neutral to fiscal 2008 earnings.

“Best Buy For Business is all about helping small businesses grow or operate more efficiently through technology. By joining forces with Speakeasy, a company with a true passion for helping entrepreneurs run their businesses, we are making technology more accessible to small businesses by creating a single source for their IT needs,” said Darren Jackson, Best Buy executive vice president and CFO. “For small businesses and tech-savvy professionals, Speakeasy offers innovative IT and communications services, backed by outstanding network reliability and terrific customer support. We understand the small business customer and know that managing multiple service providers can be challenging. With Speakeasy in our portfolio, we are better equipped to provide our small business customers with one-stop shopping for all of their technology needs. Our goal is to provide small businesses with the resources they need so that they can focus squarely on their customers instead of on technology.”

In 1994, Speakeasy opened in Seattle as one of the nation’s first Internet cafes and now offers a full range of innovative voice and data solutions to help small businesses improve their productivity and cut costs. Speakeasy services include business class broadband and Voice over Internet Protocol (VoIP), which has become a popular choice for small businesses who seek efficient and cost-effective telecommunication solutions. Customers rave about the personalized support they receive from Speakeasy’s Seattle-based customer service team. Speakeasy’s services are available in most metropolitan areas within the 48 contiguous United States.

The Seattle-based company employs about 300 people. In 2006, it had more than 40,000 customers.

“We have a high regard for Speakeasy’s employees, their culture, and their valued relationships with customers and vendors,” Jackson said. “They have a strong customer service-oriented approach, which is an excellent fit with Best Buy’s culture and direction.”

The Speakeasy management team brings substantial industry and international experience to Best Buy. Bruce Chatterley, the company’s CEO, plans to continue in his current role upon the close of the acquisition and will report to David Hemler, vice president, who has oversight for Best Buy For Business, the strategic business unit of Best Buy that is dedicated to serving the needs of small businesses. In addition to Chatterley, the entire Speakeasy executive team will remain with the company.

“This is an exciting new chapter for Speakeasy,” said Chatterley. “By joining with Best Buy For Business, we aim to become the champion for small business IT and communications solutions, simplifying technology, making it accessible, and improving business performance.”

Best Buy For Business technology specialists help small business customers understand how technology can improve their companies, offering business-class technology products and solutions. Customers can engage Best Buy For Business through locations within 281 Best Buy stores around the country, via the web at www.bbfb.com, and over the phone.

The law firm of Robins, Kaplan, Miller & Ciresi L.L.P. acted as legal advisor to Best Buy in the transaction. Blue Beacon Capital L.L.C. served as Speakeasy’s financial advisor on the transaction. The law firm of Kirkpatrick & Lockhart Preston Gates Ellis, L.L.P. acted as legal advisor to Speakeasy in the transaction.

For further information about Speakeasy, please visit their Web site, www.speakeasy.net.