Macromedia considers spinning off Shockwave By Bloomberg NewsSpecial to CNET News.comOctober 7, 1999, 5:05 p.m. PTURL: http://news.cnet.com/category/0-1005-200-809985.html update Macromedia, a maker of computer programs for animating and developing Web sites, said it hired investment bank Robertson Stephens to explore the possibility of a public stock offering of its Shockwave entertainment Web site.The Shockwave Web site was launched August 2 and offers music, games, and other entertainment content. It had more than 1.6 million unique visitors last month, Macromedia said.Proceeds from the stock sale could be used for acquisitions, to buy content, and to help lure executives to the company, said Betsey Nelson, Macromedia's chief financial officer. Many Internet companies, which have seen the value of their shares soar amid optimism about the new medium, usestock and options to help retain and attract employees."Shockwave.com is an Internet entertainment company, and Macromedia is a software company," Macromedia chief executive Rob Burgess said in a statement. "We intend to run and capitalize them according to their owndynamics."Earlier today, Macromedia said it agreed to buy closely held Andromedia for about $274.8 million in stock, acquiring software that allows companies toanalyze customer spending habits on the Internet.Robertson Stephens is a unit of Fleet Boston. Copyright 1999, Bloomberg L.P. All Rights Reserved.
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