Roxio downloads Napster assets

 
Software vendor Roxio will buy defunct music swapper Napster's intellectual property for US$5.3 million, but will not assume any of the company's liabilities, including those resulting from pending litigation.

The deal is subject to the approval of the US bankruptcy court overseeing Napster's assets. The court is expected to rule on the deal by 27 November.

Napster was effectively shut down in July 2001 after record industry heavyweights took the company to court for infringing copyright laws.

Napster had been the subject of a number of bids, including one from Spanish porn consortium, the Private Media Group.

Roxio, which makes CD burning applications, offered to pay US$5 million in cash, as well as 100,000 share warrants to purchase Napster's assets.

Shares of Roxio jumped 10 percent in US trading following the news.


 
 
 
Top Stories
Westpac committed to core banking plan
[Blog post] Now with leadership.
 
The True Cost of BYOD - 2014 survey
Twelve months on from our first study, is BYOD a better proposition?
 
Photos: Unboxing the Magnus supercomputer
Pawsey's biggest beast slots into place.
 
 
Sign up to receive iTnews email bulletins
   FOLLOW US...
Latest Comments
Polls
What is delaying adoption of public cloud in your organisation?







   |   View results
Lock-in concerns
  29%
 
Application integration concerns
  3%
 
Security and compliance concerns
  27%
 
Unreliable network infrastructure
  9%
 
Data sovereignty concerns
  22%
 
Lack of stakeholder support
  3%
 
Protecting on-premise IT jobs
  4%
 
Difficulty transitioning CapEx budget into OpEx
  3%
TOTAL VOTES: 1154

Vote