“Napster owner Roxio this week sold virtually its entire consumer software division to Sonic for $80 million so it can change its name to Napster and focus solely on getting the music service off the ground. And contrary to charges by Apple fanatics, Napster was already making money and is now poised to make even more: The Napster division was previously earning $7 million to $8 million a quarter and will likely make about $40 million in its first year, according to the company. “With the news today, we are on a path to become a very well-funded pure play in one of the hottest sectors in the consumer technology market,” Napster CEO Chris Gorog said. Indeed, the new Napster has about $130 million in cash, all of which will now go to promoting its music service,” Paul Thurrott writes for WinInfo in his weekly “Short Takes” column.
Full article here.
MacDailyNews Take: $7 to $8 million a quarter, huh? As of June 26, 2004, Apple had $4,966,000,000