Infoseek Reports Fourth Quarter Fiscal 1999 Results; Revenues More Than Doubled Year-Over-Year to $41.3 Million

Business Wire, Oct 28, 1999

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Proposed Transaction with The Walt Disney Company

Last quarter Infoseek and The Walt Disney Company announced that the boards of directors of both companies had approved a transaction that would result in a merger of Infoseek into The Walt Disney Company and the creation of a single Internet business called go.com. A new class of Disney common stock, which is expected to be traded on the New York Stock Exchange under the ticker symbol GO, will be issued to track the performance of the combined enterprise. The proposed transaction is subject to Infoseek and Disney stockholder approval and certain other closing conditions, with both stockholder meetings scheduled to occur on November 17, 1999.

The Disney assets being contributed to go.com include Disney.com, Disney's Club Blast, The Disney Store Online, Disney Travel Online, Disney.com's international sites, Family.com, ABC.com, Oscar.com and ABCSports.com. Additional assets include a range of new Web initiatives Disney is developing, such as Family travel, Family shopping and Disney auctions. Disney is also contributing its share of the 10-year joint ventures it currently holds with Infoseek: ABC News Internet Ventures, which includes ABCNEWS.com, Mr. Showbiz and Wall of Sound; and ESPN Internet Ventures, which includes ESPN.com, NFL.com, NBA.com, WNBA.com, NASCAR.com and The ESPN Store Online. Disney will also extend the terms of these 10-year ventures to 99 years.

About Infoseek

Infoseek Corporation (NASDAQ:SEEK) is the home of GO Network, a premier global media network that offers consumers solutions for everyday life by combining integrated Internet services with leading consumer brands. Now one of the top five sites on the Internet, GO Network was launched in January 1999 by Infoseek, in partnership with The Walt Disney Company (NYSE:DIS), and is the online home of leading world brands such as ABCNEWS.com for news, ESPN.com for sports, Disney.com and Family.com for kids and family, Infoseek for search, and Disney.com and ABC.com for entertainment.

In addition, Infoseek licenses its Ultraseek Server search and navigation software to companies for their own intranet, extranet and Internet sites. Infoseek is headquartered in Sunnyvale, Calif. For more information about Infoseek, please visit Infoseek's corporate Internet home page at http://info.infoseek.com or to request additional information about Infoseek, call our Investor Relations Request Line at 408/543-6960 or visit our new investor relations Web site at http://www.ir-infoseek.com