CMGI Acquires Signatures Network -- Entertainment Licensing and Merchandising Company Joins CMGI Network as iCAST subsidiary.ANDOVER, Mass.--(BUSINESS WIRE)--Sept. 27, 1999-- CMGI CMGI Commonly Maintained Grounds Infrastructures CMGI College Marketing Group Information (Services) , Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :CMGI), the world's largest and most diverse network of Internet companies, announced today that it has purchased Signatures Network, formerly Sony Signatures, an industry-leading music and celebrity licensing and event merchandising company. Under the terms of the acquisition, Signatures Network will become a majority-owned subsidiary majority-owned subsidiary A firm in which more than 50% of outstanding voting stock is owned by the parent company. of iCAST, CMGI's Internet entertainment company led by Neil Braun, formerly President, NBC NBC in full National Broadcasting Co. Major U.S. commercial broadcasting company. It was formed in 1926 by RCA Corp., General Electric Co. (GE), and Westinghouse and was the first U.S. company to operate a broadcast network. Television Network. Headquartered in San Francisco, Signatures Network's music licensing and event merchandising revenues for the twelve month period ending July 1999 were $57 million. Financial terms of the transaction were not disclosed. "Without question, the Internet represents the future of entertainment, and we intend to make iCAST and Signatures Network leading entertainment brands on the Web," said David Wetherell, CMGI Chairman 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. . "The acquisition of Signatures Network and its significant celebrity assets, represents an important addition to our core competencies in content development and community building. In combination, iCAST and Signatures Network can leverage both online and offline resources to create world-class entertainment." "Successful online entertainment requires the creation of a one-stop destination for consumers to access celebrity-focused content and commerce," said Neil Braun, CEO of iCAST. "The unique partnerships that Signatures Network enjoys with top celebrity talent, in combination with the technology resources of iCAST, will help make this a reality." "We are excited to be part of the CMGI and iCAST family and look forward to working with David and Neil, and the balance of the CMGI company network, to create a leading online entertainment company," said Mike Minor and Dell Furano, CEO and President of Signatures Network, respectively. Signatures Network, headquartered in San Francisco, has merchandising and licensing rights to more than 100 artists, entertainers, and celebrities, including the Beatles, Madonna, Barbra Streisand, Bruce Springsteen, KISS and Britney Spears. Signatures Network, in collaboration with iCAST, will become an international online entertainment company delivering a global network of celebrity branded content and commerce in the areas of music, sports, film, TV, and fashion. Signatures Network will continue to operate under its existing management team of Dell Furano and Michael Minor, and will maintain its current headquarters in San Francisco, California “San Francisco” redirects here. For other uses, see San Francisco (disambiguation). The City and County of San Francisco (EN IPA: [sænfrənˈsɪskoʊ] . About iCAST iCAST is a majority-owned operating company operating company A business that engages in transactions with outsiders. of CMGI, Inc. (Nasdaq:CMGI). Based in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. , iCAST is a next generation Internet See Internet2. entertainment venture headed by Neil Braun, formerly President, NBC Television Network. About CMGI With nearly 50 companies, CMGI, Inc. (Nasdaq:CMGI) represents the largest, most diverse network of Internet companies in the world. This network includes both CMGI operating companies and a growing number of synergistic investments through its venture capital affiliate, @Ventures. CMGI leverages the technologies, content, and market reach of its extended family of companies to foster rapid growth and industry leadership across its network, and the larger Internet Economy. Microsoft, Intel, Sumitomo and Compaq hold minority positions in CMGI. CMGI's majority-owned operating companies include Engage Technologies (Nasdaq:ENGA), 1ClickBrands, Activerse, Adsmart, AltaVista, iCAST, Magnitude Network, NaviSite, NaviNet, Planet Direct, Saleslink and ZineZone. The company's @Ventures affiliates have ownership interests in Lycos, Inc. (Nasdaq:LCOS (Liquid Crystal on Silicon) A technology used to make microdisplays for rear-projection TVs and head-mounted displays (HMDs). Each LCoS chip hosts a grayscale LCD shutter sandwiched between a cover glass and a mirror. ), Critical Path (Nasdaq:CPTH), Silknet (Nasdaq:SILK), Chemdex (Nasdaq:CMDX), Ancestry.com, Asimba, AuctionWatch, Aureate au·re·ate adj. 1. Of a golden color; gilded. 2. Inflated and pompous in style. [Middle English aureat, from Late Latin aure Media, blaxxun, BizBuyer.com, buyingedge.com, CarParts.com, CraftShop.com, eCircles.com, EXP.com, FindLaw, Furniture.com, HotLinks, Intelligent/Digital, KOZ.com, Mondera.com, MotherNature.com, NextMonet.com, NextPlanetOver.com, OneCore.com, ONElist, PlanetOutdoors.com, Productopia, Promedix.com, Raging Bull, Softway Systems, Speech Machines, ThingWorld.com, Vicinity, Virtual Ink, Visto and WebCT. CMGI Corporate headquarters is located at 100 Brickstone Square, Andover, MA 01810. Telephone: 978-684-3600. Fax: 978-684-3814. Additional information is available on the company's Web site at http://www.cmgi.com "Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " Statement under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995: Statements in this press release regarding CMGI, Inc.'s business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the CMGI Annual Report or Form 10-K for the most recently ended fiscal year. All trademarks, tradenames, registered trademarks, or registered tradenames are property of their respective holders. |
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