HMDG, this just came out on INSP, sorry I dont know how to link so I will just copy it:
InfoSpace Receives Approval To Purchase Certain Excite.com Assets Significantly Expanding Distribution for its Profitable Search and Directory Products Under agreement disclosed to the bankruptcy court, InfoSpace will power the search and directory components of Excite, and will sell and/or license the portal's other components to consumer portal iWon
BELLEVUE, Wash., Nov 28, 2001 (BUSINESS WIRE) -- InfoSpace, Inc. (Nasdaq:INSP), a provider of wireless and Internet software and application services, today announced that its bid to purchase certain Excite.com media assets was approved by the U.S. Bankruptcy Court for the Northern District of California.
InfoSpace will not assume the materials or costs associated with Excite's physical assets, including hardware, employees or debt. InfoSpace's success in winning the bid will significantly increase the company's position in the search and directory markets by expanding the distribution for InfoSpace's profitable and industry leading products. The InfoSpace purchase includes the right to offer wireless services to Excite.com users, enabling them to have their personalized data available on wireless networks.
InfoSpace's bid received the bankruptcy's court approval earlier today for the purchase of certain Excite@Home assets, including domain names, trademarks and user traffic associated with the Excite.com Web site.
In connection with today's sale, InfoSpace announced an Internet services agreement with iWon. Under the agreement, InfoSpace will power the search and directory components of the Excite Web site, and will sell and/or license the portal's other components to iWon.
"We believe this is a solid business opportunity that will expand distribution for our profitable search and directory products," said Naveen Jain, chairman and CEO of InfoSpace, Inc. "This opportunity is in line with our strategy to continue to license our platform of wireline products to blue-chip customers and provides another recurring revenue stream in our wireline business."
"Search and directory are at the core of InfoSpace's wireline business and Excite is a large opportunity to expose millions of users to our high-quality products," said York Baur, InfoSpace executive vice president, wireline and broadband. "Excite users should be assured that Excite.com will remain and will offer the same high quality experience and services that it always has." |
