Tuesday, August 10, 2004
Roxio Sold To Sonic, Name Changed To Napster
Posted by Suhit Gupta in "NEWS" @ 05:30 AM
"Sonic Solutions and Roxio today announced a definitive agreement for Sonic to acquire the consumer software division of Roxio for a total purchase price of $80 million. Under the terms of the transaction, Roxio will receive $70 million in cash and shares of Sonic common stock valued at $10 million ... Roxio plans to focus its business on the digital music market and will change its corporate name to Napster and trade under the ticker “NAPS” on NASDAQ, assuming the successful completion of this transaction."
This is a shocking move on the part of Roxio, i.e. to sells its popular consumer division which includes CD and DVD burning software (Easy CD Creator for the PC and Toast for the Mac — both best-sellers on their respective platforms) since the online music business is not exactly a secure/mature place to be right now. Very odd, IMHO.
This is a shocking move on the part of Roxio, i.e. to sells its popular consumer division which includes CD and DVD burning software (Easy CD Creator for the PC and Toast for the Mac — both best-sellers on their respective platforms) since the online music business is not exactly a secure/mature place to be right now. Very odd, IMHO.
