Industry News: Roxio>>Napster>>Sonic

Discussion in 'A+ Certification' started by JJW±, Aug 23, 2004.

  1. JJW±

    JJW± Guest

    http://www.roxio.com/en/company/news/archive/prelease080904.jhtml
    Sonic Solutions to Acquire Roxio's Consumer Software Division for $80
    Million

    Novato and Santa Clara, California (August 9, 2004) - Sonic Solutions
    (NASDAQ: SNIC) and Roxio (NASDAQ: ROXI) 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.

    Sonic believes the acquisition will provide Sonic with a
    well-recognized set of consumer software brands; access to long-standing
    distribution channels; strong product marketing expertise; and key
    relationships with top-tier retail outlets. 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.
    JJW±, Aug 23, 2004
    #1
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