Roxio gets $15 million
p2pnet.net News:- Roxio, owner of troubled of Napster II, says it’s arranged a $15 million revolving line of credit with Silicon Valley Bank.
"The new line of credit replaces its previous credit facility with Comerica Bank and will provide working capital to support the company’s growth initiatives," it says in a statement
"We are pleased to further bolster our financial position as we continue to capitalize on the burgeoning market for online music in both the U.S. and abroad," says cfo Nand Gangwani.
Napster II has been experiencing difficulties, in spite of the fact that the RIAA (Recording Industry Associaiton of America) has eased into the US university system to sell Big Music product to students.
