A primary platform for content delivery and value creation in the broadband world.
Published:
17 March 1999 y., Wednesday
A primary platform for content delivery and value creation in the broadband world. Billionaire entrepreneur Paul Allen said Monday that he plans to pay US$600 million for a controlling stake in Go2Net, a Seattle Internet company that operates a collection of popular Web sites. Allen_s Vulcan Ventures holding company will own more than 54 percent of Go2Net at the conclusion of a planned tender offer. Allen, the Microsoft co-founder who is worth more than $22 billion, also has invested $165 million in Go2Net (GNET) convertible preferred stock and has agreed to buy 1.4 million shares of common stock from executives and directors for about $135 million. Go2Net_s Web sites include a portal, popular stock forum Silicon Investor, and the MetaCrawler search site. Go2Net will continue operate independently with its current management, but Allen said he hopes to integrate the company_s services with his cable television operation, the US_s seventh largest. Down the road, said Allen, Go2Net_s portal will become the default homepage in set-top boxes in the homes of millions of cable TV subscribers. Allen_s acquisition "sets the stage for the Go2Net Network to become a primary platform for content delivery and value creation in the broadband world," said R. Horowitz, Go2Net_s CEO.
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