The patents and brand name of failed Internet music-swapping application are sold off...
The patents and brand name of failed Internet music-swapping application NAPSTER have been sold to a company who build CD-burning software.
The firm, Roxio, paid $5million (£3.2million) cash plus $300,000 (£188,000) in shares for Napster. They have also been protected from any future litigation Napster might face.
At one time, Napster looked set to completely alter the music industry. It claimed some 70 million worldwide users and had every major label quaking. It was shut down in July 2000 after the labels obtained a preliminary injunction against it over copyright infringement. It never recovered, going through a series of bruising trials. The company ceased trading in September.
In a final ignominious blow, the remaining assets of Napster are being sold off in what amounts to a high-grade car-boot sale to meet creditors debts. A load of computer hardware such as servers, routers, and computers, will be auctioned off on 11 December.