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Infoseek Shares Rise on Takeover Rumors

June 16, 1998|Reuters

Internet search company Infoseek Corp. had its turn in the spotlight as rumors that it would be taken over by a media company sent its stock sharply higher. Infoseek jumped $2.50 to $32.63 and was the most active issue on Nasdaq. Executives at Walt Disney Co., one company said to be interested in Santa Clara-based Infoseek, were not available. Time Warner Inc., also a rumored suitor, said the two companies have never held talks. Most major television networks are believed to be at least considering investing in Internet companies as a way to claim a stake in the rapidly growing online communications business. Last week, NBC became the first major broadcast network to enter the Internet search and directory business, when it bought a stake in the news publisher CNET Inc. and its Snap service.

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