Roxio, which specialises in CD-burning software, has bought all of Napster's assets and intellectual property rights, including its technology patent portfolio. The deal, however, leaves the company free of Napster's liabilities, including pending litigation.
Also, part of Napster's hardware, including servers, routers and computers, remain part of the bankruptcy proceedings and will be auctioned on 11th December.
Roxio said in a statement issued yesterday that it would be announcing its plan for the development of Napster in the coming months. It is expected, however, that the company will integrate Napster with its media distribution services.
Yesterday's approval of the takeover followed lengthy bankruptcy court proceedings. More than 12 bidders were involved. In September, the bankruptcy court blocked the sale of Napster to German media giant Bertelsmann, which had offered $9 million for the assets. The decision followed concerns that the proposal had not been made in good faith.