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Technology Stocks : America On-Line (AOL)

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To: Vendit™ who wrote (29947)	8/24/1999 8:17:00 AM
From: KAF	Read Replies (2) of 41369

Bertelsmann sells off 7.2 million shares in AOL BERLIN, Aug 24 (Reuters) - German media giant Bertelsmann AG <BTGGga.F> said on Tuesday it had continued its sell-off of shares in America Online Inc <AOL.N> to finance its own expansion on the Internet. A Bertelsmann spokesman told Reuters that it had sold 7.2 million shares in the company, the world's largest Internet service provider, on August 19 leaving it with a 0.7 percent stake in AOL. Bertelsmann acquired five percent of America Online in April 1995 but has been gradually selling off its stake. The move does not directly affect Bertelsmann's stake in AOL Europe, a European joint venture it operates with America Online. "Our joint venture with AOL in Europe has been expanding so quickly that we no longer see a need for a purely financial investment in a company," the Bertelsmann spokesman said. "We will use the proceeds for the further development of our Internet business, including AOL Europe." The spokesman added that Bertelsmann chief executive Thomas Middelhoff would remain a member of the AOL board. He declined to comment on the size of the proceeds from the sale. Shares in AOL closed on the New York Stock Exchange on Monday at $98/03, up $3.

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