As expected, Roxio today announced that it has acquired Pressplay, the joint online music venture of Universal Music Group and Sony Music Entertainment. “Pressplay will serve as the foundation for the launch of Roxio’s new legal on line music service under the Napster brand… Roxio purchased its majority ownership for US$12.5 million in cash and approximately 3.9 million shares of Roxio common stock. Based on Roxio’s closing stock price on May 16, 2003, the purchase price would be approximately $39.5 million excluding transaction costs estimated at approximately $1 million.”