Roxio Bids for Napster15 Nov, 2002 By: Hive News
DVD-burning software maker Roxio, Inc. will spend roughly $5 million to buy bankrupt peer-to-pioneer Napster's assets, Roxio announced today.
As part of the transaction, Roxio will receive all of Napster's intellectual property including its technology patent portfolio. Roxio is not assuming any of Napster's liabilities, including pending litigation and the purchase of Napster's assets is subject to approval of the bankruptcy court.
"Roxio's acquisition of Napster will expand our role in the digital media landscape and enhance our offerings to consumers,” said Roxio's president and CEO Chris Gorog. “We look forward to continuing to work with our partners in the entertainment industry and will be announcing further plans in the coming months."
The company promised to “provide consumers and investors a strategic vision of how Napster will expand Roxio's role in the digital media landscape and enhance our offerings to consumers” once the transaction closes, which is anticipated later this month.