EARNINGS REPORTING - surprises, misses & more Message Board

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Non-Tech : EARNINGS REPORTING - surprises, misses & more

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To: proud dad who wrote (198)	7/24/2000 12:21:38 PM
From: Bouf	of 762

HUGE NEWS..ZD...no wonder it is on fire last two weeks! Ziff-Davis Inc. Provides Update on Restructuring Process - ZD Shareholders Will Receive Cash Dividend And Stock in Events Business, Key3Media - - CNET Subsidiary Will Merge into Ziff-Davis Inc. - - All Outstanding ZD and ZDNet Stock Will Convert into CNET Stock - NEW YORK, July 24 /PRNewswire/ -- Ziff-Davis Inc. (NYSE: ZD - news and ZDZ - news) today provided an update on its restructuring process in light of its July 19, 2000 announcement that it had entered into a definitive merger agreement with CNET Networks (Nasdaq: CNET - news). Key3Media Spin Off and Cash Dividend As previously disclosed, before completing the merger of a CNET subsidiary into Ziff-Davis, Ziff-Davis will complete the recapitalization and spin off of its trade show and conference business (now known as Key3Media Group) to the holders of ZD common stock and simultaneously pay those holders a cash dividend of up to $2.50 per share. In the spin-off, Ziff-Davis will issue one share of Key3Media stock for every two shares of ZD common stock. Holders of ZDNet common stock will not be entitled to shares in the spin-off or to a cash dividend.

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