[07-12-99 5:18 PM ET] CBS.MW ON COMPETITORS DIS/ABC, NBC PORTAL POSITIONING/SHAREHOLDER VALUE MAXIMIZATION*; DIS:SEEK CBS:MKTW?
*NEW YORK (CBS.MW) -- Media giants Disney and NBC made fresh moves Monday to unlock the value of their Web properties with new stock issues, just as the Internet IPO market braced for another week of summer sizzlers.
The media big boys are positioning themselves for Internet broadband technology, hailed as the next big change in how consumers get their video and sound content.
"It's important for (Disney) to be in this space," Disney (DIS: news, msgs) CEO Michael Eisner said in a press conference. "This is the way you will get entertainment into your home."
Eisner's comments came as Disney launched plans to issue a tracking stock for portal Go.com under the ticker GO (GO: news, msgs). Disney will acquire the remaining stake it doesn't own in search portal Infoseek (SEEK: news, msgs) as part of the deal. See related story.
Meanwhile, NBC announced Monday the appointment of General Electric (GE: news, msgs) Chairman and Chief Executive Officer John F. Welch Jr. to the board of NBC Internet (NBCI: news, msgs). See related story.
NBC Internet will trade under the ticker for Xoom.com (XMCM: news, msgs). The ticker will change to NBCI when the merger of the NBC properties and Xoom.com is completed this fall..."
Source: By Steve Gelsi, CBS MarketWatch Last Update: 2:37 PM ET Jul 12, 1999 cbs.marketwatch.com
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