Snap, XOOM.com Buy Stakes in BuyItNow.
Multichannel News, July, 1999 by KIM, HANK
Snap, the Internet portal co-owned by NBC and CNET, and XOOM.com, a premier e-commerce company, have bought minority equity stakes in BuyItNow.com, a "Web Plaza" of Internet shopping sites. Snap and XOOM.com -- which are in the process of being rolled into a new NBC spinoff called NBC Internet, or NBCi -- will get 3.6 percent and 1.8 percent, respectively, of BuyItNow.com.
In exchange, BuyItNow.com will be guaranteed favorable placement in two Snap e-commerce areas, "Gift Shop" and "Home Shop," valued at $10 million. XOOM.com will also feature BuyItNow.com in marketing and promotion valued at $5 million. BuyItNow.com is now 48.7 percent-owned by e-commerce company e4L Inc., with BuyItNow Inc. at 41.4 percent, and media and outdoor-ad company...
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