Nynex Takes Stake in Infoseek
Internet search engine companies, proving to be wildly popular with
investors when they go public, are
continuing to attract investments from telephone companies and
newspapers seeking to hedge their cyberspace
bets.
The latest example is Nynex, which, through a subsidiary took a 5%
stake in Infoseek Corp. for several million.
It also obtained a seat on the Infoseek board for Matthew J. Stover,
CEO of Nynex Information Resources Co.
That follows the Tribune Co.'s investment in Excite, which put in $7
million for an 8% stake before the recent
IPO.
Nynex recently announced BigYellow, an online shopping directory of
businesses across the U.S., for which it
selected Infoseek Guide as its search and navigation service.
Infoseek has yet to file for an IPO, but analysts won't be surprised
when it's announced. Excite closed down
$4.625 at $15.375 in Monday trading.
=Cowles/SIMBA Media Daily 04/08/96=
=Copyright 1996 SIMBA Information Inc. All rights reserved.= |
