NEW YORK--(BUSINESS WIRE)--August 30, 1999--
New Company to Include vh1.com, mtv.com and SonicNet.com;
SonicNet's Nicholas Butterworth Named President and CEO of MTVi
MTV Networks Online, a unit of Viacom Inc. (AMEX: VIA.N, VIAB),
made a series of announcements today including the formation of MTV
Interactive (MTVi), a new Internet-only music company, which will
include music super-brands vh1.com, mtv.com and sonicnet.com. Nicholas
Butterworth, former president of SonicNet, was named president and CEO
of MTVi, and will report directly to Fred Seibert, president of MTV
Networks Online and Chairman of MTVi.
MTV Networks also announced today that SonicNet will incorporate
technologies developed by the "Buggles Project," an online development
initiative previously announced by MTV Networks Online.
Today's news follows a year of aggressive moves for MTV Networks
Online including the announcement of Liberty Digital's 10 percent
stake in MTVi, and MTVi's acquisition of SonicNet and Imagine Radio.
MTV Networks Online recently announced an exclusive agreement with
Rioport to provide digital downloaded music across all of its Web
properties.
MTVi to Include vh1.com, mtv.com and sonicnet.com
"We think there is great value in forming a company that includes
three of the Internet's best music sites," said Tom Freston, chairman
and CEO of MTV Networks. "We are giving music fans a much more
personalized music experience because we are building a business that
can easily support an exponential number of music brands, both
domestically and internationally. We are also very excited to have
Nicholas, who is one of the Internet's most respected online music
executives, leading the new MTVi."
Freston continued, "As we've done with our TV networks that now
reach more than 300 million homes in 80 countries, we are building our
online brands into innovative, first choice destinations on the Web
for music fans. To underscore our commitment and enthusiasm for all of
our online properties, we have committed a firehose of promotional
support across our television networks to the sum of $300 million over
five years."
Internet Music Pioneer Nicholas Butterworth to Head MTVi
Today's appointment of SonicNet's former President Nicholas
Butterworth to serve as president and CEO of MTVi places one of the
Internet industry's pioneers in the driver's seat of the Internet's
top music brands. As president and CEO of MTVi, Butterworth will be
responsible for the growth and development of the MTVi portfolio
including vh1.com, mtv.com and sonicnet.com.
Fred Seibert, president of MTV Networks Online and Chairman of
MTVi, said, "Nicholas has been a visionary and an innovator in the
online music industry since its inception. He is credited with
building the SonicNet brand, which is known for its cutting-edge
entertainment experience and widespread market appeal. Under his
guidance, we are dramatically expanding the SonicNet experience and
creating breakthrough entertainment across all of our music
properties."
"There has never been a more exciting time for the online music
industry," said Nicholas Butterworth, president and CEO of MTVi. "By
combining SonicNet with mtv.com and vh1.com, our new company offers a
great experience to every fan on the net. We are well positioned for
significant growth through new product innovations, strong online
partnerships, and close integration with our family of television
brands."
SonicNet to Incorporate "The Buggles Project" Technology
SonicNet, the award-winning service first introduced in 1994,
will incorporate technologies developed by the MTV Networks Online
"Buggles Project," which was announced in February.
"The new SonicNet will deliver a high-quality audio and video
experience together with simple, easy access to music purchasing and
communities," Butterworth added. "The technology developed by the
Buggles Project will be the key engine driving our new offering."
MTVi to be Headquartered in Downtown New York City
MTV Networks Online also announced today MTVi's new downtown New
York City headquarters at 770 Broadway located in the heart of
"Silicon Alley." The new facility will allow MTVi's online teams to
continue their exponential growth and share valuable resources, such
as marketing, platform development, e-commerce, sales, and finance,
among others.
About MTVi
MTVi is the Internet's leading portfolio of music destinations
including vh1.com, mtv.com and sonicnet.com. MTVi is the Internet-only
music-company of MTV Networks Online.
About MTV Networks Online
MTV Networks Online includes MTVi, the Internet's leading
portfolio of Music properties, and Nickelodeon Online, the leading
portfolio of kids and parents' destinations. Nickelodeon Online
includes nick.com, nickjr.com, nick-at-nite.com, tvland.com,
teachers.nick.com, gas.nick.com, noggin.com and redrocket.com.
Headquartered at 770 Broadway in downtown New York City, MTV Networks
Online has satellite offices in San Mateo, CA and Boston. MTV Networks
Online is a subsidiary of MTV Networks.
About MTV Networks
MTV Networks owns and operates the following television
programming services MTV: Music Television, M2: Music Television,
Nickelodeon/Nick at Nite, TV Land and VH1 as well as The Suite from
MTV Networks, a package of 10 digital services. MTV Networks also has
joint ventures, licensing agreements and syndication deals whereby its
programming can be seen worldwide. MTV Networks is a unit of Viacom
Inc.
About Viacom
Viacom Inc. is one of the world's largest entertainment companies
and is a leading force in nearly every segment of the international
media marketplace. The operations of Viacom include Blockbuster, MTV
Networks, Paramount Pictures, Paramount Television, Spelling
Television, Paramount Parks, Showtime Networks, Simon & Schuster, 19
television stations, and international theatrical exhibition
operations. Viacom also owns half-interests in the Comedy Central
cable channel, the UPN television network and UCI, an international
theatrical exhibition chain. National Amusements, Inc., a closely held
corporation which operates approximately 1,300 motion picture screens
in the U.S., the U.K. and South America, is the parent company of
Viacom.
About TCI Music/Liberty Digital
TCI Music, Inc. (NASDAQ: TUNE.O and TUNEP), is a subsidiary of
Liberty Media (NYSE: LMG.A and LMG.B), which will be renamed Liberty
Digital in connection with a recently announced transaction.
--30--jc/ny*
CONTACT: MTV Networks Online
Mark Pasetsky
212.846.7711
mark.pasetsky@mtvmail.com
or
MTV Networks
Carole Robinson
212.846.8760
carolepress.robinson@mtv.com
KEYWORD: NEW YORK
INDUSTRY KEYWORD: ENTERTAINMENT INTERACTIVE/MULTIMEDIA/INTERNET
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