Yahoo is to purchase web community provider GeoCities in a stock swap valued at $3.6 billion, it was announced on January 28.
Yahoo has had a partnership with GeoCities since January 1998, when it made a $5 million stock investment in the company. The acquisition will give Yahoo members the option to establish free home pages, a portal service that competitors Infoseek and Lycos have already offered for several months. Yahoo also plans to offer its portal features such as Yahoo Clubs to GeoCities members.
With a Bang, Yahoo Adds Home-Page Hosting
Internet World, Feb. 1, 1999
http://www.iw.com/print/current/news/19990201-bang.html
Yahoo Finally Gets the Network News
Industry Standard, Jan. 29, 1999
http://www.thestandard.com/articles/display/0,1449,3329,00.html
Expect more acquisitions by Yahoo in the future, sources say.
Yahoo to Acquire GeoCities
InternetNews.com, Jan. 28, 1999
http://www.internetnews.com/bus-news/1999/01/2801-yahoo.html
Will broadband determine Yahoo's future?
News.com, Jan. 21, 1999
http://news.com/News/Item/0,4,31225,00.html
Forget the parts about whether Yahoo needs a broadband partner. The interesting bits are toward the end, where Yahoo's CEO talks about how it considered an acquisition of Excite and how it doesn't feel it needs to be acquired itself.
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