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Go2Net Shareholders OK Allen Investment June 17, 1999
Finance News Archives
Shareholders of Internet site Go2Net Inc. on Thursday approved an investment by billionaire investor Paul Allen giving him a 34 percent stake in the company with a total investment of $426 million.
In a statement, Go2Net said Allen paid $133 million in cash for preferred shares, adding to his $167 million purchase of preferred stock on March 15 putting his total investment in the company's preferred shares at $300 million.
Allen also bought about 1.4 million common shares directly from company directors for $126 million in cash, Go2Net said.
"Go2Net is now well-positioned to aggressively build the Go2Net brand, accelerate our growth and acquisition strategies, and improve our existing properties and infrastructure," Russell Horowitz, chief executive, said in a statement.
Allen, who made his fortune as a co-founder of Microsoft Corp., and his investment company Vulcan Ventures, have invested in numerous technology companies and recently he has been buying up cable TV system operators. Go2Net said it will work with Allen's cable companies, which with planned acquisitions comprise the nation's fourth largest cable TV system, to provide Web portal services to cable subscribers.
Finally, Go2Net said shareholders approved a plan to boost the number of authorized shares of common stock to facilitate its previously announced 2-for-1 stock dividend on June 24.
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