Roxio Sells GoBack to Symantec for $13 Million
Transaction Enhances Roxio's Strategic Focus on its Digital Media Suite and Launch of Napster
Santa Clara, California - (April 17, 2003) - Roxio, Inc. (Nasdaq: ROXI) The Digital Media Company®, provider of the best selling digital media software in the world, announced today that it has sold assets related to its GoBack system recovery product to Symantec (Nasdaq: SYMC), the world leader in Internet security, for approximately $13 million in cash. Of the total purchase price, $2.75 million will be held in escrow for a period of one-year. Roxio will account for the impact of this transaction, net of the associated tax liability, in its fiscal Q1 results ending June 30, 2003.
"The opportunity to sell GoBack comes at a great time for Roxio as it provides an opportunity to add to our cash balances and divest an asset that is not core to our digital media strategy," said Chris Gorog, President and Chief Executive Officer of Roxio. "This transaction will enable us to bring an even greater focus to our digital media software business and the development of our new on-line music business with our Napster assets. Symantec is currently one of GoBack's largest marketing partners and it is the logical and best new home for GoBack and its customers."
Roxio Sells GoBack to Symantec - Frequently Asked Questions
Safe Harbor Statement
Except for historical information, the matters discussed in this press release, in particular matters related to Roxio's marketing
efforts include forward-looking statements that are subject to certain
risks and uncertainties that could cause actual results to differ
materially from those projected. Additional information on these
and other factors are contained in Roxio's reports filed with the
Securities and Exchange Commission (SEC), including the Company's
Annual Report on Form 10-K and Quarterly Report on Form 10-Q as
filed with the SEC on July 1, 2002 and February 14, 2003, respectively,
copies of which are available at the website maintained by the SEC
at http://www.sec.gov. Roxio assumes no obligation to update the
forward-looking statements included in this press release.
Roxio, a division of Sonic Solutions, develops and markets the best-selling digital media software in the world. Roxio offers
award-winning software products for CD/DVD burning, photo editing and video editing and has an installed base of over 150 million
users. Roxio distributes its products globally through strategic partnerships with major hardware manufacturers, through leading
retailers, through Internet partnerships and through direct sales at www.roxio.com. Roxio's
parent company, Sonic Solutions (NASDAQ: SNIC;
http://www.sonic.com) is the leader in digital media software and provides a broad range of software
tools and applications for creative professionals, business and home users and technology partners. Sonic's products range from professional
DVD authoring systems and interactive content delivery technologies that are used to produce the majority of Hollywood movies released on DVD,
to the award-winning Roxio- and Sonic-branded CD and DVD creation, playback and backup applications that have become the premiere solutions
for consumers and business users worldwide. Sonic's AuthorScript® is the de facto standard for CD and DVD burning and formatting and has
been licensed by major software and hardware manufacturers, including Adobe, Broadcom, Microsoft, Scientific-Atlanta, Sony, and many others.
Sonic Solutions is headquartered in Marin County, California.
Sonic, the Sonic logo, Sonic Solutions, Roxio, MyDVD, CineMagic, Plug & Burn, LiveShare, Roxio Easy Media Creator, and
AuthorScript are trademarks or registered trademarks of Sonic Solutions or its subsidiaries in the United States and/or other
countries. Dolby is a trademark of Dolby Laboratories. All other company or product names are trademarks of their respective
owners and, in some cases, are used by Sonic Solutions under license. Specifications, pricing and delivery schedules are subject
to change without notice.