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Technology Stocks : AUTOHOME, Inc -- Ignore unavailable to you. Want to Upgrade?

To: Jing Qian who wrote (6165)	3/11/1999 4:33:00 AM
From: Nicholas Thompson	Read Replies (1) \| Respond to of 29970

I am worried the athm rr merger won't happen because of big egos & corresponding differences of opinion about valuations. twx thinks their vast intellectual property (including rr cartoons!) are unparalleled at athm and they are right. athm thinks their specialized software and targeted marketing (particularly with the buyout of excite) is unparalleled at rr and they are right. I think athm should issue new shares in the amount of ((rr's possible subscribers at upgrade completion)/(athm's possible subscribers at upgrade completion))*athm's current outstanding shares - some adjustments will have to be made for options and warrants. The combined cable isp powerhouse would offer benefits like combined technological cooperation and marketing, a move almost anywhere(in N. America) policy for retaining subscribers, and the non-duplicative combination of twx's old media content with new media and marketing from athm. It is a natural fit for sure but I'm not too optimistic about it actually happening - I may sell my athm soon because it is overvalued without the ~30% of N. Americans who won't get access to it w/o a rr merger. That is the only way to even begin to challenge aol...