NBCi to go public in November
By Bloomberg News
Special to CNET News.com
September 30, 1999, 5:05 p.m. PT

NEW YORK--General Electric's NBC Internet (NBCi), a new online business that will include NBC.com and Xoom.com, will begin trading as a separate company in early November, said Chris Kitze, NBCi's chief executive.

NBCi will combine some Internet holdings of the NBC broadcast network, including NBC.com, with Xoom.com, an online direct-marketing company, and Snap.com, the online directory that NBC owns with CNET, publisher of News.com. Shares of the new company won't be sold to the public. Instead, NBCi will trade using Xoom.com's existing shares.

NBCi is "close to getting approval" from

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the U.S. Securities and Exchange Commission and will be trading in U.S. markets by early November, said Kitze, who is currently chairman of Xoom.com.

NBCi will operate a Web site under the Snap.com brand name, which NBC has said will be the seventh-largest Internet site. NBCi also will be the first publicly traded Internet company integrated with a major TV broadcaster.

GE chief executive Jack Welch will be a director of NBCi, and NBC president Robert Wright will be chairman of the new company.

Tom Rogers, NBC's former head of cable and chief strategist, also was to join NBCi's board. Rogers left NBC earlier this week to become head of magazine publishing company Primedia.

NBC hasn't named a replacement for Rogers on NBCi's board. Kitze declined to comment except to say that someone would be named sometime "soon."

Kitze spoke earlier today at the 1999 Global Convergence Summit in New York. The conference was held by PricewaterhouseCoopers and McGraw-Hill's Business Week.

Copyright 1999, Bloomberg L.P. All Rights Reserved.





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