Roxio + PressPlay = Napster, part two

It's official. A press release on the Roxio site indicates that they have purchased PressPlay from Sony and Universal Music for a $12.5 million in cash and 3.9 in stock.

In addition, the company plans to pour at least $20 million into the venture just to get it launched and then predicts that it will "will result in negative cash flows until the service is widely adopted."