E! Entertainment Television Purchases CNET's Interest in E! Online.LOS LOS Length of stay, see there ANGELES--(BUSINESS WIRE)--July 11, 1997-- Entertainment's Home Page Now a Wholly-Owned Subsidiary of E! E! Entertainment Television has purchased the 50 percent interest in E! Online owned by CNET (body) CNET - Centre national d'Etudes des Telecommunications. The French national telecommunications research centre at Lannion. Inc., (Nasdaq:CNWK), it was announced Friday by Lee Masters, E!'s president and chief executive officer. Launched Aug. 5, 1996, E! Online (http://www.eonline.com) will now be a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of E! Entertainment Television. In connection with the purchase, CNET has agreed to license certain technology to E! and to provide technological and marketing consulting services Noun 1. consulting service - service provided by a professional advisor (e.g., a lawyer or doctor or CPA etc.) service - work done by one person or group that benefits another; "budget separately for goods and services" to E! Online. E! Online will continue to operate under the direction of President Jeremy Verba. "This marks an exciting point in the growth of E! and E! Online," stated Masters. "Launching as a partnership with CNET last year allowed two industry leaders to create a site that became the category leader on the Web in under six months. "The speed with which E! Online has achieved its success and recognition from the marketplace greatly exceeded our expectations. E! Online allows E! to further brand its position as the entertainment news and information authority on television, internationally and online." According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Halsey Minor Halsey Minor (born 1964 in Charlottesville, Virginia) is a technology entrepreneur who founded CNET in 1993 (initial plans for the company began in 1992). He is currently investing in new companies via Minor Ventures. , 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. of CNET, "CNET's unique expertise in developing Web sites allowed us to build value on the Internet very quickly for CNET and E! Entertainment Television. "We are proud to have been involved in the creation of E! Online, which we believe will continue to grow and prosper under E! as one of the premier destinations on the Internet. This has been a very rewarding relationship for both companies." "CNET has been a key architect of the Internet, and it has been a pleasure to work with such an innovative company," said Doug Sylvester, E!'s vice president, New Business Development, who was instrumental in negotiating the deal for E!. "We are indebted in·debt·ed adj. Morally, socially, or legally obligated to another; beholden. [Middle English endetted, from Old French endette, past participle of endetter, to oblige to CNET for their contributions and expertise, and look forward to our continuing association." E! Online has achieved a number of milestones in its first year, including surpassing 7 million pages turned in June. The site has already spun off its first related service in Moviefinder (http://www.moviefinder.com), a one-stop movie site that offers a personalized per·son·al·ize tr.v. per·son·al·ized, per·son·al·iz·ing, per·son·al·iz·es 1. To take (a general remark or characterization) in a personal manner. 2. To attribute human or personal qualities to; personify. recommendation engine; theater, television and video listings; up-to-the-minute news; and an extensive film database. E! Online has received both critical and popular acclaim, including being selected as one of PC Magazine's "Best Of The Web," and winning the "People's Choice -- Most Entertaining Site" at Netguide Magazine's annual awards for innovation on the Internet. Under editor-and-chief Lew Harris' direction, E! Online has fast become known for its live, in depth interactive coverage of major entertainment events, including being the exclusive Webcast at the premieres of "Evita" and "Batman & Robin." CNET: The Computer Network is at the leading edge of media companies, integrating television programming with a network of sites on the World Wide Web. In both media, CNET provides authoritative information on computers, the Internet and digital technologies. CNET's Web sites combine breakthrough interactive technology with engaging content and design, and are widely accepted as setting new standards for excellence in the medium. The company's television programming airs on USA Network USA Network is a popular American cable television network with about 89 million household subscribers as of 2005. The network shows a variety of original and second-run programming, from syndicated TV series to edited movies. , the Sci-Fi Channel and in national syndication. E! Entertainment Television is the global authority for entertainment news and information. E! offers compelling celebrity interviews, talk shows, news, documentaries, behind-the-scenes, movie previews and the most comprehensive coverage of the entertainment industry's awards shows. Based in Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. , E! is currently available to 44 million subscribers on 2,770 cable systems and direct broadcast satellite providers This is a list of direct broadcast satellite providers, operating around the world. Africa South Africa and southern Africa
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CONTACT: E! Entertainment Television, Los Angeles Sarah Lesch, 213/954-2513 slesch@eentertainment.com or E! Online, Los Angeles Melissa Zukerman, 213/954-2841 melissaz@eonline.com or The Computer Network Karen Wood, 415/395-7800 karenw@cnet.com |
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