August 9, 2000 |
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.
June 13, 2000 |
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.
April 10, 2001 |
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.
March 1, 2000 |
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.
January 1, 2001 |
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%.
December 21, 1999 |
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.