America Online Inc. to Acquire NetChannel Inc.DULLES, Va.--(BUSINESS WIRE)--May 6, 1998-- Acquisition of Programming Team and Production Tools to Position AOL (A division of Time Warner, Inc., New York, NY, www.aol.com) The world's largest online information service with access to the Internet, e-mail, chat rooms and a variety of databases and services. Brand for TV Market Advances "AOL Anywhere" Strategy of Making Brand Available On All Emerging Interactive Platforms America Online See AOL. Inc. (NYSE NYSE See: New York Stock Exchange : AOL) announced Wednesday that it will acquire NetChannel Inc. a Web-enhanced television company. The transaction will advance the company's "AOL Anywhere" strategy of making the AOL brand available on all emerging interactive platforms. The acquisition will allow America Online to use NetChannel's programming development experience and innovative technology to accelerate development of an AOL-branded service that offers interactive content developed for the television medium. America Online President and Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. Bob Pittman said, "This transaction is another step in our 'AOL Anywhere' strategy to make our brand available on all emerging interactive platforms. "The NetChannel team has done a great deal of development work and has real market experience in applying interactivity to television, and this acquisition will give us a running start in developing our own programming in this area." Pittman added, "The TV experience is very different from the PC experience, but there is no doubt that AOL will add value to the overall television experience by providing TV viewers with interactivity in navigation as well as chat and online shopping features. We are actively exploring this and other new interactive content targeted for this medium. "AOL has the best brand and assets to succeed in this emerging market. While the market is still at an early stage of development, we are confident that we will play a leadership role when the time is right." AOL Interactive Services President Barry Schuler Barry Martin Schuler (born September 7, 1953 in Jersey City, New Jersey) is American Internet pioneer, perhaps best known for making the Internet easy to use consumers while working for America Online for seven years, and being the CEO for three years. said, "AOL is actively exploring all options to lay the groundwork for what we anticipate will be an important brand extension. We believe our 12 million members, who are already making the interactive experience a part of their daily lives, will be among the most receptive to this new platform. "The NetChannel team has done pioneering work and will provide valuable insights to extend AOL's hallmark convenience, ease-of-use and community-based features to other interactive platforms." Philip Monego Sr., president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of NetChannel Inc., said: "We're delighted that NetChannel will now be part of AOL, the world leader in consumer interactive services. AOL will be the perfect home for our people and technology to further realize our vision of extending the television experience with the information and community of the Internet." NetChannel Inc. is a Web-based personalized television company that was founded in 1996 with offices in South San Francisco South San Francisco, city (1990 pop. 54,312), San Mateo co., W Calif.; inc. 1908. South San Francisco has several industrial parks; its manufactures include medical supplies and equipment, foods, paint, paper products, consumer goods, and clothing. and Atlanta. The NetChannel service, launched in September 1997, was discontinued on May 3, 1998. It had approximately 10,000 subscribers. Its hardware partner was Thomson Consumer Electronics, which supported the NetChannel service on its RCA See RCA connector and video/TV history. Network Computers. America Online Inc. (NYSE: AOL), based in Dulles, is the world's leader in branded interactive services and content. America Online operates two worldwide Internet online services: AOL Interactive Services, with more than 12 million members; and CompuServe, with approximately 2 million members. America Online also operates AOL Studios, the world's leading creator of original interactive content. Other branded Internet services operated by America Online include AOL.COM, the world's most accessed Web site from home; AOL Instant Messenger See AIM. , an instant communication tool available to everyone on both AOL and the Internet; and AOL NetFind, AOL's comprehensive guide to the Internet. CONTACT: America Online Tricia Primrose primrose, common name for the genus Primula of the Primulaceae, a family of low perennial herbs with species found on all continents, most frequently in north temperate regions. , 703/265-1746 Michael Gross Michael Gross is the name of several people:
or NetChannel Jim Gustke, 650/615-8728 |
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