Business Services Industry
Industry.Net to Acquire Control of AT&T's On-Line Service.(Originated from The Boston Globe)
Knight Ridder/Tribune Business News, June, 1996 by Bray, Hiawatha
Jun. 25--In its first big move since Jim Manzi took over as chief executive, Industry.Net said yesterday it would acquire control of AT&T's on-line service in a bid to bring more customers to its Internet business service.
Manzi, the former chief executive for Lotus Development Corp., said he would form a new company call Nets Inc., from the union of AT&T New Media Services and Industry.Net, in a deal to be finalized by the end of the month. Nets Inc. will be based in Cambridge and AT&T will retain a minority interest in the firm. Industry.Net will continue to exist as a business unit of Nets Inc.
Yesterday's move marked yet another major retreat for AT&T, which has spent millions trying to develop a presence on the Internet's World Wide Web with little to...
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