INTERNET BROADCAST ARENA....everyone's into it !
Company Press Release
CMGI and Neil Braun, Former President, NBC Television Network, Team for New Internet Broadcast Venture
CMGI to Commit More Than $100 Million to Next Generation Internet Broadcast Medium
ANDOVER, Mass.--(BUSINESS WIRE)--Feb. 17, 1999-- CMGI Chairman and CEO David Wetherell today announced that CMGI (NASDAQ:CMGI - news) has formed a strategic business partnership with Neil Braun, the former President of NBC Television Network, to build and launch a new company in the Internet broadcast arena.
The company, to be headed by Mr. Braun, will focus on the delivery of live audio and video over the Internet, and is expected to incorporate existing CMGI assets, as well as outside interests. The new company, to be headquartered in New York City, will be backed by a start-up investment in excess of $100 million, and is expected to launch in Q2 1999.
Today's announcement marks the second time in as many days that CMGI has appointed a major media executive to lead one of its subsidiary companies. Yesterday, CMGI announced that Jeff Cunningham, former Group Publisher for Forbes, has been appointed the new President and CEO of Planet Direct.
''Without question, the Internet is the medium of the future. Since leaving NBC in September of 1998, I've been searching for the right opportunity -- and the right partner -- to leverage my experience in traditional media and apply it to the online marketplace,'' said Braun. ''After meeting David, it was clear that we shared the same vision, and that CMGI had the right mix of both capital resources and interactive expertise to make this vision a reality.''
''The Internet marketplace has only just begun to capitalize on the potential of this medium to deliver audio and video content,'' said Wetherell. ''Neil's experience and vision, in combination with the business and interactive resources of CMGI, are a compelling match. I'm confident that the resultant company from this partnership will have a strong, unique position, and we look forward to its emergence and impact.''
Mr. Braun, a member of the NBC executive team since 1994, has more than 20 years experience in the entertainment industry, including television, motion pictures, and new media. Prior to NBC, Mr. Braun was the chairman and CEO of Viacom Entertainment Group, where he oversaw production of prime-time network programming, first-run syndicated programming, licensing and merchandising, international distribution, and Viacom New Media, Viacom's interactive media publishing division.
Before joining Viacom, Mr. Braun served as the president and COO of Imagine Films Entertainment, Ron Howard and Brian Grazer's production company. Earlier career experience includes positions with Home Box Office and a role as senior vice president and general counsel with International Film Investors, a New York-based investment company that financed motion pictures, including Ghandi and The Killing Fields.
About CMGI
CMGI (NASDAQ:CMGI - news) combines operating companies with strategic venture investments to create a diverse set of businesses delivering Internet solutions. Microsoft, Intel and Sumitomo hold minority positions in CMGI. The CMGI Internet Group consists of its majority-owned subsidiary companies ADSmart, Engage Technologies, NaviSite, NaviNet, Planet Direct, Magnitude Network and ZineZone.
The company's CMG@Ventures affiliates have ownership interests in Lycos, Inc. (NASDAQ:LCOS - news), blaxxun, GeoCities (NASDAQ:GCTY - news), Vicinity, ThingWorld.com, KOZ, Silknet, Chemdex, Speech Machines, Softway Systems, TicketsLive, Critical Path, MotherNature.com, Raging Bull, Universal Learning Technology, Visto, Virtual Ink, Ancestry.com, ONElist, Furniture.com, Boston Financial Network and Asimba. CMGI also includes CMG Direct, SalesLink, InSolutions and On-Demand Solutions as majority owned subsidiaries in the direct marketing, fulfillment and turn-key arenas.
Corporate headquarters is located at 100 Brickstone Square, Andover, MA 01810. Telephone: 978-684-3600. Fax: 978-684-3814. Additional information is available on the company's Web site, cmgi.com.
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