In its second-largest acquisition, Amazon buys the company for $970 million.
Following its sale last month of its Roxio consumer software division, Napster has completed its move to focus on its Napster digital music brand with a change in its stock symbol from ROXI to NAPS.
Following the sale last month of its Roxio consumer software division, Napster Inc. has completed its move to focus on its Napster digital music brand with a change in its stock symbol, effective today, from ROXI to NAPS. Napster opened the Nasdaq today in a ceremony at the Nasdaq MarketSite in New York’s Times Square, but its shares traded mid-day today at 8.91, down 4.8% from its close of $9.36 and 14% from its 52-week high of 10.40.
Napster, which has also changed its corporate name from Roxio Inc., reiterated today its guidance for revenue of $11 million for its fiscal third quarter ended Dec. 31. A year ago, it posted Q3 online music revenue of $3.6 million and projected that online music sales would rise due to marketing activities including its pre-paid Napster gift cards, available in several thousand retail stores, its bundled offerings of CDs and online music, and its efforts to offer subscription deals to universities.
"Napster created the first online music service, the first combination subscription and download service and the first portable subscription service,” said Chris Gorog, chairman and CEO. “We are proud today to continue Napster`s tradition of innovation by becoming the first pure-play public digital music company in the nation."
On Dec. 20, Napster (then Roxio Inc.) completed the sale of its consumer software division, including software for creating and editing CDs, to Sonic Solutions.