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Technology Stocks : InfoSpace (INSP): Where GNET went! -- Ignore unavailable to you. Want to Upgrade?

To: Carolyn who wrote (11662)	8/30/1999 10:45:00 AM
From: BillCh	Respond to of 28311

Cannibalism of New Media Execs is high. Even cannibalism of entire companies. The thrashing rate is high, with little fish quickly gobbled up by bigger ones Head of Reuters New Media To Lead Web Firm GetMusic By JENNIFER L. REWICK THE WALL STREET JOURNAL INTERACTIVE EDITION NEW YORK -- Andrew Nibley, the longtime head of Reuters Group PLC's new-media division, said he is leaving the company to become president and chief executive of online music retailer GetMusic LLC. GetMusic, based in New York, is owned 50-50 by BMG Entertainment, a unit of Bertelsmann AG; and Universal Music Group, a subsidiary of Seagram Co. The company's Web site, www.getmusic.com, sells compact disks and cassettes as well as downloadable music. The site, launched earlier this year, also features interviews, audio and video clips about BMG and Universal artists. Mr. Nibley, 48 years old, is widely credited with the success of Reuters's five-year-old Internet operation, now called Reuters New Media International. Under Mr. Nibley's leadership, Reuters decided to distribute its wire feeds on as many Web sites as possible -- instead of spending heavily on a flagship Reuters site. Today, Reuters sells news to more than 225 sites. Reuters doesn't disclose specific revenue or profit figures for the unit, but said it has been profitable since 1997. "We didn't want to spend a lot of marketing dollars. Our strategy was to build our brand inside other brands,' Mr. Nibley said in an interview. Although Mr. Nibley has a passion for music -- his taste runs the gambit from Mozart to Otis Redding to Pearl Jam -- he has spent his career as a journalist, working the past 19 years at Reuters. (Dow Jones & Co., which publishes The Wall Street Journal Interactive Edition, operates Dow Jones Reuters Business Interactive as a joint venture with Reuters.) He said that music, like news, is another industry poised to explode on the Web. The convergence of the Internet and music "is going to be very explosive, both as a social phenomenon and as a business phenomenon, and I'd like to be a part of that," he said. Mr. Nibley's successor hasn't been named. David Graves, executive vice president of marketing and business development will be acting chief in the interim. Mr. Nibley will be difficult to replace, analysts said. "He's very highly thought of," said John Kenny, media analyst with Dresdner Kleinwort Benson in London. "The pot of people who are experienced enough to run these businesses is quite small." "What he's done is pretty amazing," said Meg Geldens, an analyst at Merrill Lynch & Co. in London. "Reuters is the No. 1 provider of news to Internet sites and its brand awareness among Internet users is very high."