Retail Industry
Industry: Email Alert RSS FeedE-commerce key to Valley Media IPO.(initial public offering)
Video Business, January, 1999 by Scala, Betsy
Valley Media, hoping to capitalize on the hot market for Internet stocks, is positioning itself in its initial public offering as a significant product supplier to cyber retailers, including Amazon.com, Reel.com, DVD Express and NetFlix.com. The veteran music distributor became a major video wholesaler with its 1997 purchase of Star Video Entertainment.
Since then, sales to "New Media," or Internet merchants of prerecorded music and video, have become the fastest growing segment of Valley's business, representing $29.5 million or 16% of sales for the fiscal quarter ended in September, according to the company's prospectus. Sales to Internet companies rose 520%, to $42.9 million, for the six months ended in September, when compared to the same period a...
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