Nov, 2001 : Excite@Home Files Motion to Sell Media Assets

📅 November 12, 2001 - Excite@Home announced that it filed a motion seeking approval to sell certain narrowband assets related to its portal Excite.com.

Excite@Home has entered into an agreement with InfoSpace, Inc.(infospace.com) to sell certain Excite.com assets for $10 million. The assets include certain domain names, trademarks and user traffic, but do not include physical assets. The agreement also provides for certain transition services to be provided by Excite@Home to InfoSpace. The sale of the assets is subject to bankruptcy court approval and a bankruptcy court-supervised overbidding process, where bidders with higher and better offers may emerge. Houlihan Lokey Howard & Zukin Capital will manage the over-bid process for the narrowband assets relating to the Excite.com portal.
"During the bidding process, Excite@Home will be working to return the bestvalue to our financial stakeholders and to offer the best solution forcontinued service for our Excite users," said Patti Hart, chairman and CEOof Excite@Home.
Excite@Home's request to sell portions of Excite.com maps to its continuedfocus on broadband products and services. The proposed sale to InfoSpacedoes not include any of the technology assets, employees, equipment,products and services required to continue providing a full-servicebroadband portal, including personalized start page, content, email, searchand instant messenger, to @Home broadband subscribers.

Reads: 1988 | Category: General | Source: TheWHIR : Web Host Industry Reviews
URL source: http://www.thewhir.com/marketwatch/excite1112.cfm
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