| An SI Board Since February 1999 |
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CMGI plans to invest $100 million to build and launch an Internet broadcast company. This company will compete with Broadcast.com which has a $2B market cap and total invested capital of $60M. Neil Braun, a former president of NBC television will head the new company. The start-up is based in New York and will begin operating in the second quarter of 1999.
It will make use of CMGI subsidiary Magnitude Network, Raymond James analyst Phil Leigh said. Magnitude Network, a Chicago-based systems and service organization that integrates Internet technologies into local broadcast markets," will be the nucleus around which (Braun) will build the new business," Leigh said.
The startup is a "content host" provider of radio, TV shows, etc. The startup does not develop technology. However, technology plays a very important role in the future success of both this company and its competitor Broadcast.com.
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