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Technology Stocks : Claxson Interactive Group Inc. -- Ignore unavailable to you. Want to Upgrade?

To: Glenn Petersen who wrote (59)	9/7/2001 11:41:47 PM
From: Glenn Petersen	Respond to of 66

El Sitio's Shareholders Approve Merger With Ibero-American Media Partners to Form Claxson Interactive Group BUENOS AIRES, Sept. 7 /PRNewswire/ -- El Sitio, Inc. (Nasdaq: LCTOD)* today announced that its shareholders approved the company's merger with Ibero-American Media Partners II, Ltd. ("IAMP") to form Claxson Interactive Group Inc. ("Claxson") at a shareholders meeting held this morning in Buenos Aires. El Sitio reported that more than 99% of its shareholders who voted at the meeting voted in favor of combining with IAMP to create Claxson, a multi-platform new media company that will provide integrated, branded entertainment content targeted to Spanish and Portuguese speakers around the world. Under the terms of the combination agreement, each El Sitio common share will be exchanged for one new Class A common share of Claxson. The combined company will have approximately 18.5 million Class A common shares outstanding. The transaction is expected to close by the end of September 2001. Subject to final approval by Nasdaq of Claxson's listing application, Claxson's Class A common shares are expected to begin trading on The Nasdaq National Market under the symbol "XSON" on the trading day following the closing.