RealNetworks Announces Completion of the Sale of Napster to MelodyVR
SEATTLE, Jan. 5, 2021 /PRNewswire/ --RealNetworks, Inc. (Nasdaq: RNWK) today announced the completion of the previously disclosed sale of Rhapsody International, Inc., which does business as Napster, to MelodyVR Group PLC.
- SEATTLE, Jan. 5, 2021 /PRNewswire/ --RealNetworks, Inc. (Nasdaq: RNWK) today announced the completion of the previously disclosed sale of Rhapsody International, Inc., which does business as Napster, to MelodyVR Group PLC.
- Effective December 30, 2020 and pursuant to the merger agreement between the parties, MelodyVR's subsidiary merged with and into Napster, with Napster surviving and becoming a wholly-owned subsidiary of MelodyVR.
- "We are very pleased with the completion of the sale of Napster to MelodyVR,"said Rob Glaser, Chairman and CEO of RealNetworks.
- As a result of the sale, RealNetworks expects to pay Columbus Nova an estimated $4.8 million in value, including shares of MelodyVR stock valued at the closing of the Napster sale transaction.