Sonic Acquires Roxio's Consumer Software Division
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. Read the entire press release on Roxio's news page.
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