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Technology Stocks : Ticketmaster-Citysearch (TMCS) -- Ignore unavailable to you. Want to Upgrade?

To: sam who wrote (185)	12/28/1998 2:27:00 PM
From: Hunter Vann	Read Replies (1) \| Respond to of 803

SAN FRANCISCO, Dec. 28 /PRNewswire/ -- The following is being issued by BancBoston Robertson Stephens, a member of the National Association of Securities Dealers, CRD number 41271: BancBoston Robertson Stephens senior Internet analyst Keith E. Benjamin initiated coverage today of Ticketmaster Online-CitySearch, Inc. (Nasdaq: TMCS) with a Buy rating. Ticketmaster Online-CitySearch is an online local content provider that creates and delivers local city guides on the Web. Each guide provides up-to-date, detailed information on local news and events, such as entertainment, shopping, professional services, community activities and weather. The CitySearch model involves rapidly building out a network of city guides to quickly establish presence and brand in multiple cities, capitalizing on Yellow Pages-type advertising opportunities from local businesses. The next step is to offer online ticket sales through TicketMaster Online, and then other services and commerce offerings. With its growing user base, the company is beginning to sell local and national retail advertising similar to retail advertising in local newspapers. "We believe the Internet is an ideal medium for discovering local information and accomplishing local tasks, and that local Web guides will become a huge market," said Benjamin. "CitySearch has the leading position in this area because its City Guides are the most up-to-date and detailed available, in our view. We believe the company will continue rapid expansion into new markets, as well as develop existing markets to capitalize on the $12 billion Yellow Pages advertising market, the $18 billion retail newspaper advertising market, and the large, multi-billion dollar local e-commerce market. With the leadership position in this high-growth market, we believe the company can build a large media business with a local focus in communities throughout the world." "Given the company's sound strategy and the size of the online opportunity, we think its valuation compares favorably with the market capitalizations of several newspaper companies, such as Gannett, Knight Ridder, Times Mirror, Dow Jones and New York Times Co., which rely substantially on local advertising." "We believe the market opportunity, as measured by newspaper valuations ranging from $4 billion to $20 billion, is large enough to justify the company's market capitalization of over $4.5 billion. We estimate TMCS sites have approximately 2.5 million users, implying a value of $1,800 per user. We believe CitySearch could easily reach several million regular users, implying a potential market capitalization measured in tens of billions based on value per user of approximately $2,000." BancBoston Robertson Stephens is a leading international investment banking firm focused on emerging growth companies. The firm's 55 senior research analysts cover over 575 companies.