BBY
Best Buy Internet Subsidiary Makes Strategic Investment in
etown.com
/FROM PR NEWSWIRE MINNEAPOLIS 612-331-7800/
TO BUSINESS, NATIONAL AND RETAILING EDITORS:
Best Buy Internet Subsidiary Makes Strategic Investment in etown.com
BestBuy.com to License Consumer Electronics Content and Participate as Retail
Partner on etown.com
MINNEAPOLIS, Dec. 28 /PRNewswire/ -- BestBuy.com, Inc.
( bestbuy.com ), a wholly owned Internet subsidiary of Best Buy
Co., Inc. (NYSE: BBY), today announced that it has made a $10 million
strategic equity investment in etown.com ( etown.com ), the leading
online information and shopping source for buyers of consumer electronics
products.
In connection with the investment, BestBuy.com has obtained non-exclusive
license rights to etown.com's editorial content including more than 4,200
product profiles and unbiased, expert product reviews and side-by-side product
comparisons. BestBuy.com intends to integrate selective portions of this
content into its new Internet service. BestBuy.com will also have access to
IDA, etown.com's interactive shopping assistant. Additionally, BestBuy.com
will participate as a retailer in etown.com's DealerWeb(TM) shopping
environment and receive non-exclusive referrals from etown.com visitors
wishing to make consumer electronics purchases.
"Best Buy is seeking to develop the most comprehensive, consumer-oriented
Internet service available for technology and entertainment products and
services," said John C. Walden, President of BestBuy.com, Inc. "As the
country's largest consumer electronics retailer, Best Buy intends to extend
its market leadership to the Internet."
BestBuy.com plans to launch a substantially expanded web service early
next year, which will initially include all technology and entertainment
products available in Best Buy's retail stores, and ultimately an even greater
selection. BestBuy.com will leverage the brand, advertising, logistics,
vendor partnerships, physical stores and other assets of its parent company to
provide a cost-effective, service-intensive and exciting consumer experience
among its channels.
"Our strategy includes partnering to selectively obtain best of class,
customer-friendly content to complement our internal efforts," Walden said.
"etown.com's independent editorials and product reviews provide an unbiased,
knowledgeable source of information that will help BestBuy.com build trust
among our customers."
Statements made in this news release, other than those concerning
historical financial information, should be considered forward looking and
subject to various risks and uncertainties. Such forward-looking statements
are based on management's beliefs and assumptions regarding information
currently available, and are made pursuant to the "safe harbor" provisions of
the Private Securities Litigation Reform Act of 1995. The Company's actual
results could differ materially from those expressed in the forward-looking
statements. Factors that could cause results to vary include, among others,
those identified in the Company's filings with the Securities and Exchange
Commission. The Company has no obligation to publicly update or revise any of
the forward-looking statements that may be in this news release.
About Best Buy Co., Inc.
Minneapolis-based Best Buy Co., Inc. is the nation's largest volume
specialty retailer of consumer electronics, personal computers, entertainment
software and appliances. The Company operates 354 retail locations in 37
states, and offers CDs, DVD movies and gift cards online at
bestbuy.com
For more information contact Laurie Bauer of Best Buy Co., Inc.,
612-947-2450, laurie.bauer@bestbuy.com
SOURCE Best Buy Co., Inc.
/CONTACT: Laurie Bauer of Best Buy Co., Inc.,
612-947-2450,laurie.bauer@bestbuy.com /
/Company News On-Call: prnewswire.com or
fax,800-758-5804, ext. 098313/
/Web site: etown.com /
/Web site: bestbuy.com /
Dec-28-1999 18:22 GMT
Symbols:
US;BBY
Source PRN PR NewsWire
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