10:19 AM ET 09/21/98
Infoseek, Disney to develop network
SUNNYVALE, Calif., Sept 21 (Reuters) - Internet service
provider Infoseek Corp. and entertainment operator Walt Disney
Co. announced on Monday a new Internet portal service to search
the Web.
The service, to be called Go Network, will be available at
www.GO.com to the public later this year, according to a
statement released by Infoseek President and Chief Executive
Officer Harry Motro and Buena Vista Internet Group Chairman
Jake Winebaum.
According to Relevant Knowledge, and based on the July 1998
Web Report, Go Network will have the third largest unduplicated
reach on the Internet, in terms of unique visitors and would
rank ahead of Microsoft and Netscape, and behind Yahoo and AOL.
"Go Network is a cutting-edge initiative that fits
perfectly with our company's overall mission," said Michael D.
Eisner, chairman and CEO of Walt Disney. "And that mission is
to provide quality entertainment and information to audiences
at a wide range of established and emerging ventures.
The portal was first discussed by the companies as part of
a strategy for Infoseek to acquire Starwave Corp.,
majority-owned by Walt Disney. Walt Disney would then acquire
additional shares of Infoseek resulting in an approximately 43
percent stake in Infoseek and also purchase warrants from
Infoseek enabling it to achieve a majority stake in Infoseek
over time.
This transaction is subject to customary closing
conditions, including shareholder approval. Development costs
were not provided in the statement.
((New York Newsdesk 212-859-1700))
____________________________________________________________________
--------------------------------------------------------------------
Join The Web Consultants Association : Register on our web site Now
Web Consultants Web Site : http://just4u.com/webconsultants
If you lose the instructions All subscription/unsubscribing can be done
directly from our website for all our lists.
---------------------------------------------------------------------
