LOOK - $200M deal with British Telecom!
Wednesday November 10, 6:34 am Eastern Time
BT , LookSmart in $200 mln Internet deal
LONDON, Nov 10 (Reuters) - British Telecommunications Plc and U.S. online navigation
and directory group LookSmart Ltd (NasdaqNM:LOOK - news) said on Wednesday they
would invest up to $200 million in a global Internet joint venture.
In its first extensive, international Internet deal, BT said the 50/50 venture would create and
sell Internet portal services throughout continental Europe and Asia, delivering country- specific Web navigation and content to
millions of Internet users on the two continents.
``As BT rolls out its global vision for the new global communications market, this new venture will give BT and its partners a
top quality portal and allow them to differentiate their ISP (Internet Service Provider) services,' BT stated.
BT, which has joint ventures throughout Europe and in Asia, said its global alliance partners would be able to use the new
venture's services of Web directories, Internet communications and e-commerce services for their own ISPs.
Around 41 million people in western Europe are estimated by market researchers to have Internet access -- around 29 percent
of the world share -- and just over 10 million in Asia-Pacific, or a seven percent share.
America remains the biggest market for Internet use, but researchers believe that by 2003, Europe will have almost caught up,
with 168 million customers online compared with 177 million on the other side of the Atlantic. |
