NBC Launches Internet Company NBC Launches Internet Company Paul Jones
Tuesday, television network NBC made its largest foray onto the Internet to date with the launch of NBC Internet Inc., a new publicly-held company encompassing Snap! and other Internet assets.
NBCi was formed in May by combining the Snap portal, which NBC owns along with CNET Inc., with online community site Xoom.com Inc., in which NBC holds a 49 percent stake.
The new publicly-held company NBC Internet Inc. (NBCI) began trading Tuesday on the Nasdaq National Market.
The core holding of NBCi will be the Snap! portal, which combines search and e-commerce features with entertainment offerings for a variety of surfing options. Holders of Xoom.com common shares will receive one share of NBCi stock for each Xoom.com share. NBC will own 47.3 percent of NBCI, former Xoom.com shareholders 38.8 percent and CNET (CNET) a 13.8 percent stake. CNET is no longer a joint operator of Snap.
