Napster Parent Roxio Raising $22.5 Million, Signs Deal with Tom Petty

Authored by Mark Hefflinger on January 13, 2004 - 3:40am.

Santa Clara, Calif. -- Roxio, a developer of CD and DVD burning software and parent company of Napster, announced on Tuesday that it plans to raise $22.5 million in a private placement of its stock with institutional investors. The company will sell 5.5 million shares at a price of $4.10 per share, and said the proceeds will add to its working capital as it continues to expand its activities in the digital media sector. Separately, Santa Clara, Calif.-based Roxio said that its Napster unit signed a deal with artist Tom Petty to offer his songs online for sale exclusively at Napster. Songs recorded by Petty for Universal Music Group including "Into the Great Wide Open," "Don't Do Me Like That" and "Refugee" will be available for streaming and download on the Napster service.
http://biz.yahoo.com/prnews/040113/sftu060_1.html
http://biz.yahoo.com/prnews/040112/lam112_1.html
http://www.roxio.com