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Technology Stocks : USAI, 61% stake in Ticketmaster Online-CitySearch IPO -- Ignore unavailable to you. Want to Upgrade?

To: Mo Chips who wrote (25)	11/29/1998 11:38:00 PM
From: Urlman	Respond to of 391

USA Networks Up 14% as Ticketmaster-CitySearch IPO Draws Near Bloomberg News November 27, 1998, 11:02 a.m. PT USA Networks Up 14% as Ticketmaster-CitySearch IPO Draws Near New York, Nov. 27 (Bloomberg) -- USA Networks Inc. shares rose 14 percent to a record high as the company winds down a promotion of its stock offering of Ticketmaster Online-CitySearch Inc., coinciding with a recent run-up in Internet stocks. Shares of the media and electronic-commerce company rose 4 1/4 to a record closing high of 34 3/4 in trading of 1.94 million, exceeding the three-month daily average. Earlier, the stock touched an all-time high of 35. The company, headed by entertainment industry veteran Barry Diller, has seen its stock more than double since early October. Its recent ''road show'' promotion to investors of its initial public offering of Ticketmaster Online-CitySearch Inc. has highlighted the potential value of the company's Internet- commerce business, said Niraj Gupta, analyst at Schroder & Co. The new stock is expected to start trading as early as next week and could raise as much as $70 million for the company. ''The show demonstrates that USA Networks has a significant place on the Web,'' said Gupta, who has a ''recommend'' rating on the stock. Pasadena, California-based Ticketmaster Online-CitySearch Inc. combines the online business of USA Network's Ticketmaster unit with CitySearch Inc.'s Internet city guides. The company hopes to sell 7 million Class B shares to investors for $8 to $10 each. Many Internet-related stocks are soaring lately on the promise of future revenue. America Online Inc.'s agreement to buy Netscape Communications Corp. for about $4.2 billion in stock has also lifted shares. New York-based USA Networks owns USA Network and Sci-Fi cable-television channels. --Kim Chipman in the Princeton newsroom (609) 279-4041 More News: USAI