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Roxio Acquires Pressplay as the Foundation for the Re-Launch of Napster
Posted May 20, 2003 Print Version     Page 1of 1
  

Roxio has announced that it acquired Pressplay, the one of the leading online music services.  As a result of this transaction, Roxio has acquired a legal digital music distribution infrastructure and catalog rights with all five major music labels.  Pressplay will serve as the foundation for the launch of Roxio's new legal on line music service under the Napster brand.  

Under the terms of its agreement, Roxio has acquired substantially all of the interests of Pressplay, the joint venture of Universal Music Group (UMG) and Sony Music Entertainment (SME).  Roxio purchased its majority ownership for $12.5 million in cash and approximately 3.9 million shares of Roxio common stock.  Based on Roxio's closing stock price on May 16, 2003, the purchase price would be approximately $39.5 million excluding transaction costs estimated at approximately $1 million.  In addition, SME and UMG each have the right to earn up to $6.25 million based on positive cash flows resulting from the new Napster service.

UMG and SME will each provide a representative to join Roxio's board of directors.  Pressplay's president, Mike Bebel, will report directly to Chris Gorog, and Pressplay's senior management team and its offices in Los Angeles and New York will remain in place.

(http://www.roxio.com), (http://www.pressplay.com), (http://www.napster.com)

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