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staff reporter, Angel Lee
Napsters
assets to be acquired by Authoring Software maker Roxio
Santa
Clara , California. - November 15, 2002
In a move that has been brewing for the last few months, Roxio Inc. has agreed to acquire the assets of Napster, the now-defunct music sharing service, which expired as an operating company earlier this year.
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. Roxio's purchase of Napster's assets is subject to approval of the bankruptcy court.
Roxio expects the deal will close after the approval of the Delaware bankruptcy court, this is expected to happen on or about November 27, 2002.
Roxio's President and
CEO Chris Gorog commented, "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."
Roxio, spun off in September, 2000 as a independently operating company by Adaptec, is the leading developer of Media recording and authoring software, such as the popular Toast Titanium and Jam for the Apple Macintosh, and Easy CD Creator Platinum for PC’s running Windows operating system.
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