Roxio and Sonic Solutions today announced a definitive agreement for Sonic to acquire the consumer software division of Roxio for a total purchase price of US$80 million. Under the terms of the transaction, Roxio will receive $70 million in cash and shares of Sonic common stock valued at $10 million. Roxio plans to focus its business on the digital music market and will change its corporate name to Napster and trade under the ticker “NAPS” on NASDAQ. “With the successful completion of the transaction, Napster will emerge as a well-positioned pure-play in the fast-growing digital music sector with a substantially enhanced balance sheet that will support our growth plans,” said Chris Gorog, Roxio’s CEO.