CMGI Acquires Signatures Network -- Entertainment Licensing and Merchandising Company Joins CMGI Network as iCAST subsidiary
Business Editors
ANDOVER, Mass.--(BUSINESS WIRE)--Sept. 27, 1999--CMGI, Inc. (NASDAQ:CMGI), the world's largest and most diverse network of Internet companies, announced today that it has purchased Signatures Network, formerly Sony Signatures, an industry-leading music and celebrity licensing and event merchandising company. Under the terms of the acquisition, Signatures Network will become a majority-owned subsidiary of iCAST, CMGI's Internet entertainment company led by Neil Braun, formerly President, NBC Television Network.
Headquartered in San Francisco, Signatures Network's music licensing and event merchandising revenues for the twelve month period ending July 1999 were $57 million. Financial terms of the transaction were not disclosed.
"Without question, the Internet represents the future of entertainment, and we intend to make iCAST and Signatures Network leading entertainment brands on the Web," said David Wetherell, CMGI Chairman and CEO. "The acquisition of Signatures Network and its significant celebrity assets, represents an important addition to our core competencies in content development and community building. In combination, iCAST and Signatures Network can leverage both online and offline resources to create world-class entertainment."
"Successful online entertainment requires the creation of a one-stop destination for consumers to access celebrity-focused content and commerce," said Neil Braun, CEO of iCAST. "The unique partnerships that Signatures Network enjoys with top celebrity talent, in combination with the technology resources of iCAST, will help make this a reality."
"We are excited to be part of the CMGI and iCAST family and look forward to working with David and Neil, and the balance of the CMGI company network, to create a leading online entertainment company," said Mike Minor and Dell Furano, CEO and President of Signatures Network, respectively.
Signatures Network, headquartered in San Francisco, has merchandising and licensing rights to more than 100 artists, entertainers, and celebrities, including the Beatles, Madonna, Barbra Streisand, Bruce Springsteen, KISS and Britney Spears.
Signatures Network, in collaboration with iCAST, will become an international online entertainment company delivering a global network of celebrity branded content and commerce in the areas of music, sports, film, TV, and fashion.
Signatures Network will continue to operate under its existing management team of Dell Furano and Michael Minor, and will maintain its current headquarters in San Francisco, California.
About iCAST
iCAST is a majority-owned operating company of CMGI, Inc. (Nasdaq:CMGI). Based in New York City, iCAST is a next generation Internet entertainment venture headed by Neil Braun, formerly President, NBC Television Network.
About CMGI
With nearly 50 companies, CMGI, Inc. (Nasdaq:CMGI) represents the largest, most diverse network of Internet companies in the world. This network includes both CMGI operating companies and a growing number of synergistic investments through its venture capital affiliate, @Ventures. CMGI leverages the technologies, content, and market reach of its extended family of companies to foster rapid growth and industry leadership across its network, and the larger Internet Economy. Microsoft, Intel, Sumitomo and Compaq hold minority positions in CMGI.
CMGI's majority-owned operating companies include Engage Technologies (Nasdaq:ENGA), 1ClickBrands, Activerse, Adsmart, AltaVista, iCAST, Magnitude Network, NaviSite, NaviNet, Planet Direct, Saleslink and ZineZone. The company's @Ventures affiliates have ownership interests in Lycos, Inc. (Nasdaq:LCOS), Critical Path (Nasdaq:CPTH), Silknet (Nasdaq:SILK), Chemdex (Nasdaq:CMDX), Ancestry.com, Asimba, AuctionWatch, Aureate Media, blaxxun, BizBuyer.com, buyingedge.com, CarParts.com, CraftShop.com, eCircles.com, EXP.com, FindLaw, Furniture.com, HotLinks, Intelligent/Digital, KOZ.com, Mondera.com, MotherNature.com, NextMonet.com, NextPlanetOver.com, OneCore.com, ONElist, PlanetOutdoors.com, Productopia, Promedix.com, Raging Bull, Softway Systems, Speech Machines, ThingWorld.com, Vicinity, Virtual Ink, Visto and WebCT.
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