Network Wannabe Rare Medium Group Acquires LiveUniverse.com

Computergram International, April 23, 1999

Rare Medium Group Inc has acquired community and entertainment network LiveUniverse.com. The company says this purchase is the first stage in its plan to build a network of affiliates and portals. Terms of the transaction were not disclosed. It's the first deal Rare Medium has struck since winning $75m in equity from affiliates of Apollo Management last week (CI No 3,642). Rare Medium intends to use that money to become a one-stop provider of venture capital, internet solutions and professional services, rather like CMGI Inc and Softbank Technology Ventures.

"This acquisition is just the beginning," said chair, president and CEO Glenn Meyers in a statement. "RMGI plans to acquire other complementary sites and services to roll into LiveUniverse, as well as creating or acquiring other platforms for investing in and incubating other great internet ideas."