Abstracts » Business, general

Disney to merge Internet holdings with Infoseek

Article Abstract:

Walt Disney Co. has announced plans to create a single company that combines its own Internet holdings with those of Infoseek Corp. The new company will merge Disney.com, Disney's Club Blast, the Disney Store Online and other operations with Infoseek, and will be called Go.com. Disney already holds about 42 percent of Infoseek. The deal will create an entity whose stock will give Disney the capital for other Internet-related acquisitions, and should help it attract Internet managers expecting that some of their compensation will come in the form of lucrative stock options. While Disney and Infoseek are already working closely together, the entertainment giant believes that a more consolidated business with its own stock will help streamline both management and future deals. After the deal closes, Disney will own 72 percent of the new entity through a tracking stock. Infoseek shareholders will own the other 28 percent. Under the agreement's terms, Infoseek shareholders will receive 1.15 shares of the new company for each Infoseek share.

Asset sales & divestitures, Motion Picture and Video Industries, Motion Picture & TV Production, Motion Picture Production & Services, Internet, Company acquisition/merger, Motion picture industry, Movie industry, Entertainment industry, Walt Disney Co., Video production companies, Film and video production companies, DIS, Infoseek Corp., SEEK

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Checkfree sues a rival over use of technology

Article Abstract:

Checkfree Corp is filing a lawsuit against its rival, the National Payment Clearinghouse, charging that the company is illegally using its proprietary technology. Checkfree holds a patent for technology that allows the company to bill any bill for a customer and is seeking an injunction against National Payment and unspecified damages. National Payment is a subsidiary of Intuit, which will be acquired by Microsoft. Checkfree is seeking an agreement with Mastercard in order to offer its electronic financial services through banks. Checkfree officials will not describe their plans for their technology and whether they will offer its services exclusively or license the patent to other companies. Electronic bill payment and electronic shopping is considered by analysts to be a growing and lucrative market.

Communication services, not elsewhere classified, Home TV Data Service, Cases, Financial services industry, Financial services, CheckFree Corp., License lawsuit, Videotex systems, Electronic Trading System, National Payment Clearing House Inc.

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Internet auctioneer Ebay to add land-based rival

Article Abstract:

Ebay Inc., the online auction service that is among the very few Internet companies to have made a profit, will acquire Butterfield & Butterfield Auctioneers Corp. for $260 million in stock. Butterfield & Butterfield had been set to go public this week with an offering set at $14-$16 a share. Ebay has offered to pay nearly $50 per share. CEO of Ebay, Margaret C. Whitman, says the move will expand Ebay's online offerings from low priced items to those priced between $500 and $5000. Butterfield & Butterfield, the third largest U.S. auction house, can also provide Ebay with the ability to provide appraisals through its staff of curators. The two companies had agreed earlier to a joint venture. Ebay made its offer for the company as Butterfield & Butterfield was meeting with potential investors.

Miscellaneous retail stores, not elsewhere classified, Art Dealers, Auctioneers, Art Dealers, eBay Inc., Auction firms, Online auctions, Butterfield and Butterfield Auctioneers Inc.

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