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Finance - Internet Daily for Wednesday, May 19, 1999
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by Frank Barnako CBS MarketWatch
CDNow unveils merged site
The newly merged online music seller CDNow (CDNW: news, msgs) unveiled its new Web site, including elements of its original site and that of its new partner, Music Boulevard. Organized by 16 categories of music, the e-tailer's storefront includes 500,000 CDs and music-related items for sale and an equal number of sound clips for preview. The site features music news and information from Rolling Stone, MTV, and CMJ Music Monthly, as well as features and interviews developed by CDNow's in-house staff of writers and editors.
Healtheon, WebMD confirm merger talks
Healtheon Corp. (HLTH: news, msgs) shares jumped after the company said it's in merger talks with privately held WebMD Inc., but said no agreement has been reached. A published report said Healtheon and WebMD were expected to announce a $5.5 billion stock swap. The deal would also include major investments by a well-known group of strategic partners, including Microsoft (MSFT: news, msgs), Excite Inc. (XCIT: news, msgs) and Intel (INTC: news, msgs), The Wall Street Journal reported. See full story.
AOL sets online shopping push
America Online (AOL: news, msgs) said it will introduce a new online shopping service later this year. "AOL is (already) bringing a million consumers into the cyberspace market place every 60 days," said AOL president Bob Pittman. The company named Patrick Gates to run the new venture, Shop@AOL, and to also oversee unspecified commerce and merchandising efforts. Gates' experience includes working with Home Shopping Network and Barney's New York. AOL said its new effort will "set a new industry standard for consumer convenience while incorporating a merchandising strategy for partners to drive sales of its retail partners' goods and services." The company also said AOL shoppers spent a record $1.8 billion dollars in the March 1999 quarter, spending 75 percent more in March alone than they did in September, just six months ago. See full story.
The cost of success
According to a study by ActivMedia, Web sites that invest in marketing and automation tend to garner the greatest revenue and anticipate the greatest growth during 1999. Among e-tailers which disclosed sales information to ActivMedia were Best Buy (BBY: news, msgs), World Wide Sports, and Charles Schwab (SCH: news, msgs). "What this list shows, however, is that there is still plenty of time for diverse and new entrants to become e-commerce leaders by investing in marketing and Web site infrastructure," said ActivMedia vice president Chris Anne Wheeler.
Prodigy helps small businesses set up Web shops
Orbit Commerce and Prodigy Communications (PRGY: news, msgs) will offer e-commerce services to small business customers nationwide. The announcement marks Orbit's debut as a provider of services to companies that want to build their own branded online marketplaces. "Prodigy is making it possible for their customers to sell online for a low monthly cost -- comparable to a standard business phone bill," said Orbit president Paul Reilly. Services available include order management, marketing promotions, sales tracking, real-time payment and secure transactions.
Deals of the day:
Lycos (LCOS: news, msgs) and West Coast Entertainment (WCEC: news, msgs) announced a promotional and marketing agreement. Links and advertisements from the Lycos site will direct users to West Coast's site and entertainment Web guide (http://www.westcoastvideo.com). See Lycos' earnings story.
CBS.MarketWatch.com (MKTW: news, msgs) will be accessible to users of Tokyo Broadcasting System's Internet news service, Newsi. Real-time access to business news, personal finance and investment information is available without charge. CBS.MarketWatch.com is the publisher of Internet Daily.
Direct marketer Fingerhut Cos. (FD: news, msgs) acquired 19.9 percent of 1-800-birthday.com, an Internet birthday gift and reminder service. Financial terms were not disclosed. The three-year-old Norwalk, Conn.-based company also has an equity interest in PC Flowers and Gifts.
For late-breaking market news you can't afford to miss, go to CBS.MarketWatch.com
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