Roxio Buys Napster Assets

		November 28, 2002


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Roxio Buys Napster Assets

By REUTERS

OS ANGELES, Nov. 27 � A bankruptcy court approved the sale today of the song-swapping service Napster to Roxio, a software maker.

After a lengthy proceeding, a bankruptcy court in Delaware, which has been overseeing the sale of Napster assets since it filed for bankruptcy protection earlier this year, approved the sale, said Rick Chance, managing director of Trenwith Securities, the investment firm handling the asset sale.

Roxio, which bid about $5.3 million in cash and stock for Napster's technology portfolio, brand name and trademarks, will not assume any of Napster's pending liabilities.

Roxio, based in Santa Clara, Calif., said it would announce its plan for Napster in the coming months.

More than a dozen bidders had emerged as possible buyers.

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