Roxio Inc, which makes digital media software has successfully closed the acquisition of the assets of Napster Inc, the once popular now bankrupt file-trading network provider.
Following bankruptcy court approval yesterday, the company got substantially all of the assets of Napster, but none of the liabilities, which would have been considerable following Napster’s legal tussle with the music recording industry.
Roxio announced earlier this month it had put in a bid of $5.3m, mostly cash, for the assets. Reportedly a dozen other companies were interested, including Private Media, an adult entertainment producer.
The company has yet to say what it is doing with the assets, but if it can attract even a portion of Napster’s former user base to whatever service it hopes to launch, the investment could be well worth the money.