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Technology Stocks : Switchboard, Inc. (SWBD) -- Ignore unavailable to you. Want to Upgrade?

To: Jim Muskett who wrote (21)	12/27/2000 12:17:51 AM
From: Glenn Petersen	Read Replies (1) \| Respond to of 29

SWBD cuts a deal with AOL: aolpf.marketwatch.com Switchboard, AOL in $26 million pact By Matt Andrejczak, CBS.MarketWatch.com WASHINGTON (CBS.MW) -- Switchboard will pay America Online a total of $26 million over the next 16 months to develop a new yellow-pages service under an alliance announced Monday, according to documents filed with the Securities and Exchange Commission. Switchboard (SWBD: news, chart) said it paid AOL (AOL: news, chart) $13 million at the signing of the agreement and will pay the balance by no later than March 11, 2002. It also agreed to issue AOL 746,260 shares of its common stock. The Westboro, Mass.-based online directory service firm, which operates Switchboard.com, has agreed to be the exclusive provider of services and technology for a new yellow-pages product being developed by AOL. (Viacom holds a substantial stake in Switchboard, as it does in MarketWatch.com, the publisher of this report.) In the filing, Switchboard said it will be paid $2 million in consulting fees by AOL and will receive a majority of the first $35 million in advertisement revenues from the four-year pact that contains break-up provisions after the first 24 months. Shares of Switchboard were up $1.19 to $5.50 in recent trading. AOL advanced $1.70 to $48.60.