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Industry: Email Alert RSS FeedNbc Takes Equity Stake In Snap
Computergram International, June 10, 1998
US broadcaster NBC has taken an equity share in web portal outfit Snap! Inc, which it plans to run as a joint venture with CNet. The move is being hailed as the first such marriage between a broadcaster and a web portal, and analysts expect NBC to market Snap strongly to its captive market of television viewers.
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NBC, which is a division of General Electric Company, paid an undisclosed sum for 19% of Snap and $26m for 4.99% of CNet. NBC has an option to buy a further 60% of Snap for $38m. The broadcaster will assume all costs for Snap. The purchase price brings Snap to breakeven for CNet, which will have no further financial obligation towards the portal. CEO Halsey Minor will continue to serve as Snap CEO until a replacement is found. NBC will appoint its own executives to the Snap board, where it will have a majority of seats.
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