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To: Bill on the Hill who wrote (205)	6/18/1999 12:11:00 AM
From: Yiota	Read Replies (2) \| Respond to of 963

INTERESTING....... FOCUS-Go2Net shareholders approve Allen investment Reuters Story - June 17, 1999 20:32 (New throughout with details from meeting, stock price) SEATTLE, June 17 (Reuters) - Shareholders of Go2Net Inc. on Thursday approved the final part of a deal giving billionaire investor Paul Allen a 34 percent stake in the Internet portal company for a total investment of $426 million. Go2Net chief executive officer Russ Horowitz said the alliance with Allen, a Microsoft Corp. co-founder and cable television mogul, puts the Seattle-based company in position to launch a "broadband portal" service through television set-top boxes beginning early next year. "As we come to the next evolution of this industry, we feel we're as well positioned as any company," Horowitz told shareholders. "We couldn't be more excited." Go2Net shares rose $4.50, or about 4 percent, to $119.50 on Nasdaq, where it was among Thursday's top 20 net gaining issues. By a voice vote, shareholders approved the sale of preferred shares to Allen for $133 million in cash, adding to his $167 million purchase of preferred stock on March 15, bringing his total direct investment to $300 million. Allen also bought about 1.4 million common shares from company directors for $126 million in cash. Horowitz said Go2Net is working with Allen's Charter Communications cable company and the Allen-affiliated High Speed Access Corp. on a joint venture to provide broadband services beginning in the first quarter of 2000. But he said the deal was not exclusive and Go2Net would be able to offer its content to other cable and telecommunications providers as high-speed Internet access becomes more common. The cash infusion from Allen gives 3-year-old Go2Net additional flexibility as it accelerates its strategy of acquiring mostly small Internet companies that fit into its core areas of search, personal finance, games and commerce. Horowitz said the company plans to expand to additional markets, although he declined to be specific. Allen, who still owns more than $20 billion in Microsoft Corp. stock, has been on a cable buying rampage, spending more than $10 billion to turn Charter into the nation's No. 4 cable company. Recently he has been ramping up his efforts to add content to his stable with investments in Go2Net and the nascent Oxygen Media women's network among others. Go2Net shareholders also approved a plan to boost the number of authorized shares of common stock to facilitate its previously announced 2-for-1 stock split on June 24. And they elected a new five-person board of directors, including two executives from Allen's Vulcan Ventures investment vehicle Copyright 1999 Reuters Limited