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BUSINESS
February 5, 2000 | Bloomberg News
NBC Internet Inc. said an offering of 4.6 million of its common shares was priced at $81.38, and the online media company expects to garner about $280 million from its portion of the sale. NBC Internet is selling 3.65 million of its Class A common shares, with the remaining 950,000 being sold by holders, including NBCi Chief Executive Chris Kitze and CNET Inc., an online network. After the sale, CNET will hold a 9% stake in NBCi.
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BUSINESS
April 10, 2001 | From Bloomberg News
General Electric Co.'s NBC television unit will buy the rest of NBC Internet Inc. it doesn't already own for about $85 million and fold it into the company as NBC seeks to cut losses at the Web site. NBC, owner of the top U.S. TV network among young adults and 38.6% of NBC Internet, will pay $2.19 for each share of NBC Internet, or NBCi, said spokeswoman Rebecca Tompkins. That's 46% more than San Francisco-based NBCi's price Friday.
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BUSINESS
October 21, 2000
* NBC Internet Inc. said President and Chief Operating Officer Edmond Sanctis plans to resign to pursue other interests and will not be replaced. The company has lost several high-level executives in recent months. Its shares, which have tumbled more than 90% from the end of January, closed up 38 cents at $51.19 on Nasdaq. General Electric Co.'s NBC holds a 39.3% stake in the San Francisco-based Internet company.
BUSINESS
October 21, 2000
* NBC Internet Inc. said President and Chief Operating Officer Edmond Sanctis plans to resign to pursue other interests and will not be replaced. The company has lost several high-level executives in recent months. Its shares, which have tumbled more than 90% from the end of January, closed up 38 cents at $51.19 on Nasdaq. General Electric Co.'s NBC holds a 39.3% stake in the San Francisco-based Internet company.
BUSINESS
August 9, 2000 | Reuters
NBC Internet Inc. said it will lay off 170 employees, or about 20% of its work force, in a move to cut costs. NBC Internet, an online portal that is 47%-owned by General Electric Co.'s NBC television network, said it does not expect the cuts to affect its operations and remains confident that it can become profitable in 2002. The company has had a series of operating difficulties recently, including an erosion of its advertising base, which led to lower-than-expected second-quarter results.
BUSINESS
June 13, 2000 | Reuters
NBC Internet Inc. unveiled a restructuring and warned of lower-than-expected earnings and sales for the second quarter and the remainder of 2000 because of a soft advertising market from "dot-com" companies. Under the restructuring, all of NBC Internet's Web sites and products, including Snap.com, Xoom.com and VideoSeeker, will be combined under a single banner, NBCi.com. The site will debut in the fall.
BUSINESS
April 10, 2001 | From Bloomberg News
General Electric Co.'s NBC television unit will buy the rest of NBC Internet Inc. it doesn't already own for about $85 million and fold it into the company as NBC seeks to cut losses at the Web site. NBC, owner of the top U.S. TV network among young adults and 38.6% of NBC Internet, will pay $2.19 for each share of NBC Internet, or NBCi, said spokeswoman Rebecca Tompkins. That's 46% more than San Francisco-based NBCi's price Friday.
BUSINESS
March 1, 2000 | CNet News
Lycos Inc. said it is joining the growing number of portals offering free Internet access. NBC Internet Inc. also plans to launch a similar service in the next two weeks, according to sources at the company.
BUSINESS
January 1, 2001 | From Bloomberg News
NBC Internet Inc. and Asiacontent.com Ltd. said they ended a joint venture aimed at developing Asian versions of NBC Internet's electronic-commerce and direct-marketing Web sites. Dissolving the venture will allow NBC Internet to focus on U.S. operations and help Asiacontent.com cut costs, the companies said in a statement carried by PR Newswire. Neither could be reached for comment. NBC Internet's shares fell 95% in 2000, and Asiacontent.com plunged 97%.
BUSINESS
December 21, 1999 | Reuters
NBC Internet Inc. has formed an alliance with closely held Telocity to offer a co-branded high-speed Internet service using Telocity's technology. Unlike most high-speed Internet services, Telocity offers technology that can be installed by customers without additional work by a technician. It runs over conventional telephone wires. The deal is backed by a joint investment in Telocity by NBCi, NBCi's 47.3% owner NBC Networks, GE Equity and ValueVision International Inc.
BUSINESS
August 9, 2000 | Reuters
NBC Internet Inc. said it will lay off 170 employees, or about 20% of its work force, in a move to cut costs. NBC Internet, an online portal that is 47%-owned by General Electric Co.'s NBC television network, said it does not expect the cuts to affect its operations and remains confident that it can become profitable in 2002. The company has had a series of operating difficulties recently, including an erosion of its advertising base, which led to lower-than-expected second-quarter results.
BUSINESS
June 13, 2000 | Reuters
NBC Internet Inc. unveiled a restructuring and warned of lower-than-expected earnings and sales for the second quarter and the remainder of 2000 because of a soft advertising market from "dot-com" companies. Under the restructuring, all of NBC Internet's Web sites and products, including Snap.com, Xoom.com and VideoSeeker, will be combined under a single banner, NBCi.com. The site will debut in the fall.
BUSINESS
February 5, 2000 | Bloomberg News
NBC Internet Inc. said an offering of 4.6 million of its common shares was priced at $81.38, and the online media company expects to garner about $280 million from its portion of the sale. NBC Internet is selling 3.65 million of its Class A common shares, with the remaining 950,000 being sold by holders, including NBCi Chief Executive Chris Kitze and CNET Inc., an online network. After the sale, CNET will hold a 9% stake in NBCi.
BUSINESS
April 20, 2000 | From Bloomberg News
Global Crossing Ltd., owner of a worldwide phone and data network, plans to raise up to $100 million by selling shares in its GlobalCenter Web-hosting services unit. The Bermuda-based company, whose executive offices are in Beverly Hills, will use the proceeds to expand its growing operations. The company filed documents with the Securities and Exchange Commission to sell an unspecified number of GlobalCenter tracking shares to follow the unit's performance.
BUSINESS
January 22, 2001 | From Reuters
Many Internet media companies have already warned of a weak fourth quarter due to soft online advertising spending, but analysts said more gloom could be on the way with their upcoming quarterly reports. "A combination of 'dot-com' meltdowns, tumbling markets and economic slowdown conspired to make [the] fourth quarter exceedingly difficult for Internet media," said Paul Noglows, JP Morgan analyst in a research note.
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