Last post on this board from me, NBCI starts trading Tuesday
XOOM.com, Inc. Stockholders Approve NBC Internet, Inc. (NBCi) Transactions In Landslide Votes
PR Newswire, Wednesday, November 24, 1999 at 12:54
'NBCi' Stock Expected to Begin Trading on Nasdaq on Tuesday, November 30, 1999
NBCi's Aggregate Services to Become the Seventh Most-Visited on the Web*
SAN FRANCISCO, Nov. 24 /PRNewswire/ -- In a special stockholder meeting in
San Francisco earlier today, XOOM.com, Inc. (NASDAQ:XMCM) stockholders
overwhelmingly voted to approve agreements entered into by XOOM.com and two of
its subsidiaries; NBC and affiliates of NBC; CNET; and Snap relating to the
formation of a new company to be named NBC Internet, Inc. and referred to as
NBCi.
All NBCi related transactions are expected to close by Tuesday,
November 30, 1999, at which time the new company's ticker symbol, NBCI, is
expected to begin publicly trading on The Nasdaq Stock Market(R). Each
publicly-held share of XOOM.com will convert into the right to receive one
share of NBCI Class A stock. Also on Tuesday, November 30, NBCi will hold a
press conference in New York to provide more information about the new
company.
Upon completion of the NBCi transactions, NBC is expected to own a
47.3 percent stake, XOOM.com stockholders are expected to own a 38.8 percent
stake and CNET is expected to own a 13.8 percent stake in NBCi. NBC will also
purchase two convertible debt instruments, which, if converted at a future
date, could result in majority ownership of NBCi and the ability to name a
majority of the board of directors.
In addition, as part of the transactions, NBC's President and CEO,
Bob Wright, will become Chairman of NBCi, and XOOM.com chairman, Chris Kitze,
will become Chief Executive Officer of NBCi.
NBCi will become one of the first publicly traded Internet companies
integrated with a major broadcaster and will use Snap.com as its umbrella
consumer brand, integrating broadcast, portal, community and e-commerce
services. NBCi's aggregate services will become the seventh most-visited on
the Internet.*
About XOOM.com, Inc.
XOOM.com, Inc. is one of the fastest-growing community-based sites on the
Web and a leading direct e-commerce services company. XOOM.com offers
consumers high-quality, free services over the Web, including homepage
building, chat rooms, message boards, HTML email, online greeting cards, a Web
page counter, clip art and downloadable software. XOOM.com has pioneered
direct e-commerce on the Internet by targeting its members with product and
service offers relevant to their needs and interests. To date, the company
has attracted more than 11.3 million members. XOOM.com, which was founded in
September 1996, is headquartered in San Francisco and has offices in New York
City, Los Angeles and Paris, France. |
