This could be why we need the extra cash. We may be in an expansion stage with regard to our remaining properties.
W5541 OCT 21,2003 6:14 PACIFIC 09:14 EASTERN
( BW)(WA-INFOSPACE)(INSP) InfoSpace Announces Acquisition of North
American Mobile Media Leader Moviso
Business Editors/High-Tech Writers
BELLEVUE, Wash.--(BUSINESS WIRE)--Oct. 21, 2003--InfoSpace, Inc.
(Nasdaq:INSP) today announced a definitive agreement to acquire North
American mobile media leader Moviso LLC from Vivendi Universal Net USA
for $25 million in cash.
"We are excited to join forces with a leader in the fast growing
mobile media space," said Jim Voelker, chairman and chief executive
officer of InfoSpace, Inc. "Together we will be one of the largest
players in the mobile data industry, with extensive content offerings,
strong carrier relationships and broad subscriber reach."
Moviso, a wholly-owned subsidiary of Vivendi Universal Net USA
Group Inc., is one of the leading providers of mobile media content,
entertainment and personalization services in North America, with
distribution to major carriers such as Cingular Wireless, Verizon
Wireless, T-Mobile and AT&T Wireless. Mobile media, consisting of
ringtones, graphics, video and games, is one of the fastest growing
segments of the wireless data market. With thousands of titles from
more than 250 licensors, such as major music and sound effect
companies, celebrities, and audio and graphical studios, Moviso offers
one of the largest licensed catalogs of mobile media today. In the
third quarter of 2003, Moviso generated more than $3 million in
revenue and was close to break-even on an operating basis.
"Together, InfoSpace and Moviso will have a leading position in
the exciting mobile media market," said Kendra VanderMeulen, executive
vice president, InfoSpace Mobile. "With expanded end-user reach and an
extensive content library, we can offer compelling marketing and
promotional opportunities to content brands and media companies,
helping to get their content and applications quickly and easily into
as many subscriber hands as possible. Carriers will benefit from
expanded capabilities and accelerated availability of applications and
content to drive their mobile data revenue streams."
"The acquisition by InfoSpace marks a logical next step in the
growth and consolidation of the North American mobile data industry,"
said Anthony Stonefield, co-founder and chief strategy officer of
Moviso LLC. "The greater base of resources and combined content and
distribution make this alliance of companies unparalleled in what it
will deliver to the industry."
InfoSpace Mobile develops, delivers and supports wireless data
solutions that make it possible for media companies and content brands
to reach a wide audience of wireless subscribers with compelling
content and marketing promotions. InfoSpace Mobile's applications
delivery platform is designed for broad user reach, allowing for the
delivery of content across multiple carriers and a wide array of
mobile devices supporting standards including SMS, MMS, WAP, xHTML,
J2ME and BREW. The acquisition of Moviso will allow InfoSpace Mobile
to offer an even wider array of content applications to branded
content providers and carriers, by adding media, personalization and
entertainment services to InfoSpace Mobile's existing content library.
The transaction is expected to close by the end of 2003, subject
to certain conditions.
About InfoSpace, Inc.
InfoSpace, Inc. (Nasdaq:INSP) is a diversified technology and
services company that develops Internet and wireless solutions for a
wide range of customers. InfoSpace Search & Directory provides Web
search and online directory products that help users find the
information they need while creating opportunities for merchants.
InfoSpace Payment Solutions enables merchants to authorize, settle and
manage electronic transactions via its IP-based payment gateway,
Authorize.Net. InfoSpace Mobile develops infrastructure, tools and
applications that enable carriers and content providers to efficiently
develop and deliver mobile data services across multiple devices. More
information can be found at infospaceinc.com.
This release contains forward-looking statements regarding the
Company's wireless business and its proposed acquisition of Moviso,
LLC. These forward-looking statements are subject to certain risks and
uncertainties that could cause actual results to differ materially
from those projected. These statements are not guarantees of future
performance and are subject to certain risks, uncertainties and
assumptions that are difficult to predict. Factors that could affect
InfoSpace's actual results include InfoSpace's ability to integrate
the proposed acquisition of Moviso LLC, the future performance of
Moviso and the rate of adoption by wireless carriers and other
customers of mobile media product offerings. A more detailed
description of certain factors that could affect actual results
include, but are not limited to, those discussed in InfoSpace's most
recent Quarterly Report on Form 10-Q, in the section entitled "Factors
Affecting Our Operating Results, Business Prospects and Market Price
of Stock." Readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date of this
release. InfoSpace undertakes no obligation to update publicly any
forward-looking statements to reflect new information, events or
circumstances after the date of this release or to reflect the
occurrence of unanticipated events.
--30--SP/se*
CONTACT: InfoSpace, Inc.
Nancy Bacchieri, 425-201-8722
nancy.bacchieri@infospace.com |
