Roxio Buying Napster - P2P-Zone

JackSpratts · 16-11-02, 08:44 AM

AFP, Others.

Music software maker Roxio said on Friday it has signed a deal to acquire the assets of the once wildly popular music-
swapping website Napster, which is in bankruptcy.

The deal calls for Roxio to pay $US5 million ($A8.9 million) in cash and 100,000 warrants to purchase Roxio common stock.

As part of the transaction, Roxio will receive all of Napster's intellectual property including its technology patent portfolio, but none of Napster's liabilities, including pending litigation.

Roxio's president and chief executive Chris Gorog said: "Roxio's acquisition of Napster will expand our role in the digital media landscape and enhance our offerings to consumers. 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 purchase of Napster's assets is subject to approval of the bankruptcy court, which is expected on November 27, said the company.

A previous offer from Bertelsmann AG to purchase Napster was rejected by a US bankruptcy judge.

Bertelsmann had offered $US8 million ($A14.23 million) to Napster's other creditors and foregoing repayment of a loan of $US85 million ($A151.2 million) it made.

Private Media, a Spanish-based adult entertainment firm, had indicated interest in Napster for its so-called peer-to-peer (P2P) technology that allowed internet users to swap music.

Napster roared across the internet in 1999, when founder and then-college student Shawn Fanning invented a method by which users could easily pass files from computer to computer over the world wide web.

At its peak, Napster claimed some 70 million users, who could access and pass along a vast collection of music titles freely. But the music industry contended it facilitated rampant piracy of copyrighted music, and the court battles eventually led to its demise.
http://afr.com/it/2002/11/16/FFXNORKDK8D.html
http://www.bayarea.com/mld/mercuryne...ss/4534587.htm
http://www.pcworld.com/news/article/0,aid,106983,00.asp
http://www.infoworld.com/articles/hn...io.xml?s=IDGNS
http://www.itworld.com/Net/4087/021115roxio/
http://www.sanmateocountytimes.com/S...995393,00.html
http://www.nytimes.com/aponline/tech...ter-Roxio.html

- js.

16-11-02, 08:44 AM	#1
JackSpratts Join Date: May 2001 Location: New England Posts: 10,018	Roxio Buying Napster AFP, Others. Music software maker Roxio said on Friday it has signed a deal to acquire the assets of the once wildly popular music- swapping website Napster, which is in bankruptcy. The deal calls for Roxio to pay $US5 million ($A8.9 million) in cash and 100,000 warrants to purchase Roxio common stock. As part of the transaction, Roxio will receive all of Napster's intellectual property including its technology patent portfolio, but none of Napster's liabilities, including pending litigation. Roxio's president and chief executive Chris Gorog said: "Roxio's acquisition of Napster will expand our role in the digital media landscape and enhance our offerings to consumers. 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 purchase of Napster's assets is subject to approval of the bankruptcy court, which is expected on November 27, said the company. A previous offer from Bertelsmann AG to purchase Napster was rejected by a US bankruptcy judge. Bertelsmann had offered $US8 million ($A14.23 million) to Napster's other creditors and foregoing repayment of a loan of $US85 million ($A151.2 million) it made. Private Media, a Spanish-based adult entertainment firm, had indicated interest in Napster for its so-called peer-to-peer (P2P) technology that allowed internet users to swap music. Napster roared across the internet in 1999, when founder and then-college student Shawn Fanning invented a method by which users could easily pass files from computer to computer over the world wide web. At its peak, Napster claimed some 70 million users, who could access and pass along a vast collection of music titles freely. But the music industry contended it facilitated rampant piracy of copyrighted music, and the court battles eventually led to its demise. http://afr.com/it/2002/11/16/FFXNORKDK8D.html http://www.bayarea.com/mld/mercuryne...ss/4534587.htm http://www.pcworld.com/news/article/0,aid,106983,00.asp http://www.infoworld.com/articles/hn...io.xml?s=IDGNS http://www.itworld.com/Net/4087/021115roxio/ http://www.sanmateocountytimes.com/S...995393,00.html http://www.nytimes.com/aponline/tech...ter-Roxio.html - js.

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