CitySearch Completes Major Round of New Financing; Leading Financial Investors and Media Partners Poise CitySearch for Continued Category Leadership.PASADENA, Calif.--(BUSINESS WIRE)--Nov. 13, 1997--CitySearch (www.citysearch.com), the leading online city and community site, today announced that it has secured more than $34 million in its latest round of capital funding. The new financing allows CitySearch to continue its expansion both domestically and internationally, while continuing to advance CitySearch technology, functionality and editorial content. CitySearch has now raised more than $75 million since its inception and expects to be in 27 cities by the end of next year. The financing is led by HSN HSN Home Shopping Network HSN High Speed Network HSN Hereditary Sensory Neuropathy HSN Highly Saturated Nitrile HSN Healthy Schools Network, Inc. HSN Hopping Sequence Number HSN Historical Sample of the Netherlands HSN Haiti Support Network , 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 :HSNI HSNI Hypertonic Saline Nasal Irrigation ), of which Barry Diller is the Chairman and Chief Executive Officer. HSNi is the parent company of Home Shopping Network “HSN” redirects here. For other uses, see HSN (disambiguation). The Home Shopping Network (HSN) is a mostly 24-hour shopping network that is seen on cable, satellite, and some terrestrial channels in the United States. , Silver King Broadcasting, SF Broadcasting and the Internet Shopping Network. The company also has a controlling interest controlling interest The ownership of a quantity of outstanding corporate stock sufficient to control the actions of the firm. Controlling interest often involves ownership of significantly less than 51% of a firm's outstanding stock because many owners fail in Ticketmaster Group, Inc. and is in the process of acquiring the majority of Universal's television assets. HSNi is joined by leading investment firms T. Rowe Price T. Rowe Price (NASDAQ: TROW) is an independent global investment management firm and mutual fund manager based in Baltimore, Maryland. It was founded in 1937 by Thomas Rowe Price, Jr.. T. , and Global Retail Partners, which is backed by Donaldson, Lufkin, and Jenrette, Carrefour and Paul Allen. Investments have also been made by The Washington Post Company and Intel Corporation, both of which participated in a previous financing round, and Schibsted ASA Asa (ā`sə), in the Bible, king of Judah, son and successor of Abijah. He was a good king, zealous in his extirpation of idols. When Baasha of Israel took Ramah (a few miles N of Jerusalem), Asa bought the help of Benhadad of Damascus and , a leading Scandinavian media company and Internet content developer. CitySearch will partner with Schibsted and Scandinavia Online to bring online community services to Sweden, Norway and Denmark. As a result of the financing, CitySearch has created additional board seats for HSNi, the Washington Post, and Global Retail Partners. "Building strategic relationships with this outstanding group of media companies and financial investors further validates CitySearch's business approach, and will contribute substantially to strengthening our position as the market leader," said Charles Conn, 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 CitySearch. "We have placed our undivided attention on expanding the local online content category, and this new investment round signifies our commitment to remain the category pacesetter." About CitySearch CitySearch, headquartered in Pasadena, Calif., was recently awarded the PC Magazine "Editor's Choice Award" for Web Regional Guides. CitySearch was also featured in Fortune as one of "The Top 25 Coolest Companies," ranked fourth in NetGuide's listing of the top 100 Internet sites, and was recently ranked first in a USA Today/Intelliquest web surfer panel survey of city guide sites. CitySearch is a complete and current community guide, delivering up-to-date information on arts and entertainment events, community activities, and local businesses to consumers via the Internet. It may be personalized to assist people in planning entertainment, accessing tickets and reservations, and making purchases in their local communities. Unlike city sites that aggregate links to pre-existing content, CitySearch is built from the ground up in the community, in partnership with local media, government, community and volunteer associations, business and professional groups, educational institutions, and visitors bureaus. CitySearch is currently up and running in Austin, Melbourne, Nashville, New York, Pasadena, Portland, Raleigh-Durham/Chapel Hill, Salt Lake City, San Francisco, Sydney, and Toronto, and will soon launch in Los Angeles, Washington, D.C. and Scandinavia. CitySearch enjoys partnerships with Time Out New York, Ticketmaster, Web TV, the Washington Post, the Washington Post, The Morning daily newspaper published in Washington, D.C., the dominant paper in the U.S. capital and one of the nation's leading newspapers. Established in 1877 as a Democratic Party organ, it changed orientation and ownership several times and faced LA Times, the Sydney Morning Herald, the Melbourne Age, the Toronto Star, and affiliates of ABC ABC in full American Broadcasting Co. Major U.S. television network. It began when the expanding national radio network NBC split into the separate Red and Blue networks in 1928. , CBS (Cell Broadcast Service) See cell broadcast. , and FOX TV. CitySearch existing investors include Goldman Sachs, AT&T Ventures, Compaq, Comcast, Servicemaster, Torstar, Times Mirror, the Washington Post, and others. For more information on CitySearch, visit www.citysearch.com . CONTACT: Alexander Communications, Inc. Lynn Hill or Danielle Arceneaux, 415/923-1660 lhill@alexander-pr.com / darcenea@alexander-pr.com |
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