Roxio has announced plans to sell its software division to Sonic Solutions in a transaction valued at $80 million (around £44 million). Roxio plans to change its name to Napster and focus solely on selling digital music.
Roxio makes Toast Titanium CD and DVD burning software, as well as Jam audio mixing software, Easy Media Creator and other titles.
Roxio Chairman and CEO Chris Gorog said the move will allow his company to focus its efforts on the burgeoning online music market. He added that the $80 million transaction will significantly boost Roxio/Napster's net cash position -- an important competitive advantage for the company, which has struggled against Apple's domination of the online digital music market with its iTunes Music Store service.