[00-8-18] CyberWorks Pays A Cool Million For Domain Names
By Adam Creed, Newsbytes.
HONG KONG, CHINA,
18 Aug 2000, 2:31 AM CST
****CyberWorks Pays A Cool Million For Domain Names 08/18/00 HONG KONG, CHINA, 2000 AUG 18 (NB) -- By Adam Creed, Newsbytes. When you've just completed a whopping US$38 billion merger, what's another million bucks? It's exactly the amount the Hong Kong-based Internet giant Pacific Century CyberWorks (PCCW) has shelled out for the cyberworks.com and cyberworks.net domain names.
The recipient of the $1 million is San Diego-based Venture Catalyst Inc. [NASDAQ:VCAT]. The online business services provider has a Web development subsidiary called Cyberworks which currently operates from the cyberworks.com domain.
Cyberworks earned a total of $523,627 from its Web site development and online marketing projects in the three months ended December 31, 1999.
Pacific Century CyberWorks will acquire both the .com and .net domain names under a deal announced today. The transition will take place over the next month.
Venture Catalyst said that the sale of the domain name fits into the company's existing strategy - to "rebrand all of its divisions and subsidiaries under the Venture Catalyst umbrella."
"We are very pleased to announce this transaction with Pacific Century CyberWorks," said Sanjay Sabnani, president of Venture Catalyst. "We see the transaction as a clear win-win for Venture Catalyst and Pacific Century CyberWorks."
It is not clear which company approached the other - a PCCW spokesperson was not available for comment early on Friday.
The acquisition of the domain names leaves PCCW free to roll out all its broadband Internet, telecom and Web development services under the CyberWorks brand online.
The company on Thursday completed a $38 billion takeover of the former Cable & Wireless HKT - Hong Kong's largest telephone company. It was Asia's largest-ever merger, driven by converging Internet and telecom interests.
PCCW will expand into Greater China and elsewhere in Asia from a leading telephone and broadband customer base in Hong Kong. The company's chairman and chief executive is 33 year-old Richard Li.
PCCW currently resides at its parent company's Web site, at pcg-group.com , while Venture Catalyst's Cyberworks is (for now) on the Web, at cyberworks.com .
Reported By Newsbytes.com, newsbytes.com .
02:31 CST
(20000818/WIRES ASIA, ONLINE/PCCW/PHOTO)
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