Classified Ventures Expands Into Online Auction Business With Acquisition of Industry Pioneer Auction Universe.CHICAGO--(BUSINESS WIRE)--Nov. 11, 1998-- Two Companies Plan to Create Unmatched Media Network To Expand Affiliates' Trusted Local Market-Making Role Classified Ventures, L.L.C., the Internet services business formed by eight leading U.S. media companies, today announced its entry into one of the most promising, fastest-growing segments of e-commerce, online auctions, with the acquisition of industry pioneer Auction Universe. "Online auctions are an attractive opportunity and natural extension of the traditional market-making role of our affiliates and their local media properties," said David Israel
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for the writer, musician, composer. , 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 Classified Ventures. "Together with Auction Universe, we want to create an unmatched network of media participants to help shape this emerging industry." Auction Universe, a Times Mirror Company (NYSE NYSE See: New York Stock Exchange :TMC TMC Technology Marketing Corporation (Norwalk, Connecticut) TMC Texas Medical Center (Houston, TX) TMC Traffic Message Channel TMC The Movie Channel TMC Traffic Management Center ), currently provides online auction services through a network of more than 30 newspapers and media properties. It will continue to expand its own network, while being offered as an optional fourth e-commerce business line to Classified Ventures affiliates, whose media properties include more than 140 newspapers. "Together, the media networks of Classified Ventures and Auction Universe reach more than 70 million people every day, with agreements in the pipeline to add more than 20 million additional readers and listeners," said Larry Schwartz, president and CEO of Auction Universe. "This gives us a unique ability to build credibility and trust and drive business in the online auction market." Classified Ventures and Auction Universe both leverage the local-market promotional power of their affiliates as a strategic competitive advantage. For example, Auction Universe newspaper affiliates devote a full page per week to promoting its auctions. This is complemented by the company's recently launched $10 million television and print ad campaign. Schwartz noted that the economics of online auction services bring new types of goods and services In economics, economic output is divided into physical goods and intangible services. Consumption of goods and services is assumed to produce utility (unless the "good" is a "bad"). It is often used when referring to a Goods and Services Tax. and new customers to expand traditional newspaper classified offerings. The average item sold in online auctions is worth $45 - too inexpensive to advertise in most classifieds. As a result, 40 percent of those who come to Auction Universe's auctions through newspaper affiliate sites currently do not subscribe to Verb 1. subscribe to - receive or obtain regularly; "We take the Times every day" subscribe, take buy, purchase - obtain by purchase; acquire by means of a financial transaction; "The family purchased a new car"; "The conglomerate acquired a new company"; the newspaper. "Online auctions represent an extraordinary opportunity for newspapers and Classified Ventures," said Israel. "As these markets become more accepted and the value of goods and services offered rises, the online auction marketplace will become increasingly locally focused because buyers will want to see and feel goods before bidding. That's why our network of local portals will be so important as this industry grows." About Classified Ventures Classified Ventures, L.L.C., based in Chicago, is funded by eight leading media companies Central Newspapers, Inc., Gannett Co., Inc., Knight Ridder
Knight Ridder (IPA: /ˈrɪdɚ/) was an American media company, specializing in newspaper and Internet publishing. , The McClatchy Company, The New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Times Company, The Times Mirror Company, Tribune Company The Tribune Company (NYSE: TRB) is a large American multimedia corporation based in Chicago, Illinois. It is the nation's second-largest newspaper publisher, responsible for the Chicago Tribune, Los Angeles Times, Newsday, Hartford Courant and the Washington Post Company. It provides national and locally branded online services for e-commerce opportunities in the classified advertising marketplace that build upon the capabilities and local expertise of its national affiliate network An affiliate network acts as an intermediary between publishers (affiliates) and (merchant) affiliate programs. It allows publishers to find affiliate programs, which are suitable for their website and it helps websites offering affiliate programs reach its target audience. . Classified Ventures currently operates a national apartments Web site (www.apartments.com), a national car site www.cars.com, and a national new construction site www.newhomenetwork.com. It also is developing HomeHunter.com, a resource to provide technologies, tools, information resources (1) The data and information assets of an organization, department or unit. See data administration. (2) Another name for the Information Systems (IS) or Information Technology (IT) department. See IT. , quality assurance and promotional support to the local-market resale resale n. selling again, particularly at retail. In many states a "resale license" or "resale number" is required so that the state can monitor the collection of sales tax on retail sales. RESALE. real estate Web sites of Classified Ventures affiliates. For more information on Classified Ventures, visit www.classifiedventures.com. About Auction Universe Auction Universe is a pioneer in bringing the online auction process to classified advertising and sales. It is comprised of the http://www.auctionuniverse.com website and a network of other specialty focused web sites and major newspapers for buying and selling. It has introduced leading edge technology as well as consumer protection programs, such as Bid$afe, which provides a money back guarantee on all transactions. Auction Universe also provides buyers expert information from many of America's leading specialty and collectibles publications. It is the only online marketplace where over 6,000 local area and international interest groups buy and sell in a secure and trustworthy environment. It uniquely provides consumers with an information-rich, convenient, fast and entertaining experience. |
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