Thanks to Lee Whittaker and creamhackered for letting us know of this news.
Software maker Roxio is poised to snap up the remaining assets of the now defunct song-swapping company Napster (news - web sites) for $5 million in cash and 100,000 warrants to purchase Roxio common stock, the company announced Friday.
Roxio, maker of popular CD burning software, has entered into an agreement to acquire all of Napster's dwindling assets and intellectual property. Roxio would not assume any of Napster's liabilities, the Santa Clara-based company said.
The purchase of Napster's assets is subject to the approval of Delaware bankruptcy court.
In September, the bankruptcy judge blocked the sale of Napster's assets for $8 million to its chief investor, the German media company Bertelsmann. Napster's remaining 42 employees were summarily fired.
Roxio says "Napster has value that is synergistic with Roxio's current digital media offerings" and the company's long-term vision of digital entertainment.
Roxio officials made no indication about how they would use Napster's technology in the future.
View: The full article
News source: Yahoo!