Roxio announced today that Sonic Solutions will be purchasing its software division for $70 million in cash and $10 million worth of common stock shares.

Roxio will now shift its focus to the online music market, changing its name to Napster and its ticker symbol to “NAPS”.

“With the successful completion of the transaction, Napster will emerge as a well-positioned pure-play in the fast-growing digital music sector with a substantially enhanced balance sheet that will support our growth plans,” said Chris Gorog, Roxio’s CEO.






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