CMGI, Hicks, Muse, Tate & Furst, and Pacific Century CyberWorks to Form @Ventures Global Partners
ANDOVER, Mass., DALLAS and HONG KONG, Mar 1, 2000 (BUSINESS WIRE) --
Venture Partnership to Invest in Emerging Internet Businesses in
Europe, Asia and the Americas; Up to $1.5 Billion Available to
International Internet Companies
CMGI, Inc. (Nasdaq: CMGI); Hicks, Muse, Tate & Furst Incorporated ("HMTF"); and Pacific Century CyberWorks Limited ("PCCW;" Reuters: 1186.HK; Bloomberg: 1186) today announced the formation of a new venture capital partnership, @Ventures Global Partners. Under the terms of the partnership, the parties have each committed to invest up to (US)$500 million, for a total of up to (US)$1.5 billion, to support the development of Internet companies based in Asia, Europe, and the Americas.
@Ventures Global Partners will make investments in emerging Internet businesses spanning the four core disciplines of the Internet economy: content, community, commerce and infrastructure/enabling technologies. The three companies will work collaboratively to open regional offices in urban centers such as London and Hong Kong, and to appoint managing partners in each location to actively support the investment activities and organizational development of these ventures, including management recruiting and mentoring, strategic guidance and operational support, and collaboration and integration across CMGI's, HMTF's and PCCW's extensive networks of Internet, media and technology companies.
"Hicks, Muse, Tate & Furst and PCCW are leading global investors and veteran
developers of international media and technology companies. We're honored to
join them in a powerful alliance that will speed the development of
international Web offerings throughout the world," said David Wetherell,
Chairman and CEO of CMGI, Inc. "We look forward to combining our industry
expertise with these established and respected partners to develop, grow and
integrate best-of-the-Web services and technologies from across the globe."
"CMGI, under the leadership of David Wetherell, is now well-established as the world's leading Internet operating company, and Pacific Century CyberWorks, under the leadership of Richard Li, has also established itself as the leading technology investor in Asia," said Hicks Muse Chairman and CEO Thomas O. Hicks. "We are pleased to partner with these two outstanding organizations in what we all regard as a very important and long-term strategic, operational and financial relationship."
"Our strategy has always included investing in Internet companies and
incorporating them into our upcoming NOW (Network of the World) service where possible. Finding emerging Internet businesses means finding the companies that are the catalysts in the expansion of the Internet economy," said Richard Li, Chairman, Pacific Century Group. "CMGI and Hicks, Muse, Tate & Furst are ideal partners for us. They have a potent combination of global financial savvy and technology knowledge."
Today's announcement marks the second transaction in as many days to unite CMGI, PCCW and Hicks Muse for a common purpose. On Tuesday, in conjunction with PCCW's successful bid to acquire Cable & Wireless HKT, CMGI announced an agreement with Cable & Wireless plc to issue US$500 million in shares of CMGI to Cable & Wireless plc in exchange for US$500 million in shares of PCCW. In tandem, Hicks Muse announced a commitment of US$500 million to PCCW to participate in the acquisition. In exchange for its investment, Hicks Muse will receive PCCW convertible preferred stock.
About Hicks, Muse, Tate & Furst
Since its formation in 1989, Hicks, Muse, Tate & Furst Incorporated has
completed or currently has pending more than 325 transactions with an aggregate capital value of approximately $43 billion, including invested equity of more than $3 billion in the media and telecommunications sectors. Its principal office is in Dallas with additional offices in New York, London and Buenos Aires.
About Pacific Century CyberWorks Limited
Pacific Century CyberWorks Limited (PCCW), the Hong Kong-listed technology
flagship of the Pacific Century Group (www.pcg-group.com) comprises three main businesses: Pacific Convergence Corporation, CyberWorksVentures and the
Cyber-Port project.
Pacific Convergence Corporation (PCC) plans to be the world's leading provider of broadband Internet services, to be initially launched in Asia and serving 130 million cabled households. PCC's NOW (Network of the World) will offer the world's first fully converged service with interactive digital video viewing and Web access beginning with the first phase in 2000.
CyberWorksVentures (CWV), PCCW's Internet incubator company, has invested in
some 40 companies around the world, including technology enablers, e-commerce and content companies.
PCCW's strategic partners number among the world's leading Internet and
technology companies, including Intel, the world leader in semiconductor design and manufacture, CMGI, America's foremost Internet incubator and Hikari Tsushin, Japan's second biggest Internet company.
About CMGI and CMGI @Ventures
With more than 60 companies, CMGI, Inc. (Nasdaq: CMGI) represents the largest, most diverse network of Internet companies in the world. This network includes both CMGI operating companies and a growing number of synergistic investments through its venture capital affiliate, CMGI @Ventures. CMGI leverages the technologies, content and market reach of its extended family of companies to foster rapid growth and industry leadership across its network, and the larger Internet Economy. Compaq, Intel, Microsoft, Pacific Century CyberWorks and Sumitomo hold minority positions in CMGI.
CMGI's majority-owned operating companies include Engage Technologies (Nasdaq: ENGA), NaviSite (Nasdaq: NAVI), 1ClickBrands, 1stUp.com, Activate.net, AdForce, Adsmart, AltaVista, CMGI Solutions, Equilibrium, Flycast, iCAST, MyWay.com, NaviNet, SalesLink, and Tribal Voice. The company's venture capital affiliate, CMGI @Ventures, has ownership interests in Lycos, Inc. (Nasdaq: LCOS), Critical Path (Nasdaq: CPTH), Silknet (Nasdaq: SILK), Chemdex (Nasdaq: CMDX), MotherNature.com (Nasdaq: MTHR), Vicinity (Nasdaq: VCNT), Asimba.com, AuctionWatch.com, Aureate Media, blaxxun, BizBuyer.com, Boatscape.com, buyersedge.com, CarParts.com, CraftShop.com, eCircles.com, eGroups.com, EXP.com, FindLaw, FoodBuy.com, Furniture.com, Gamers.com, Half.com, HotLinks, Industria, INPHO/HomePriceCheck.com, Intelligent/Digital, KnowledgeFirst, KOZ.com,
Mondera.com, MyFamily.com, NextMonet.com, NextOffice.com, NextPlanetOver.com, Oncology.com, OneCore.com, PlanetOutdoors.com, Productopia, SnapFish.com, Speech Machines, ThingWorld.com, Virtual Ink, Visto, Vstore and WebCT.
CMGI and CMGI @Ventures corporate headquarters are located at 100 Brickstone
Square, Andover, MA 01810. Telephone: 978-684-3600. Fax: 978-684-3814. CMGI
@Ventures also has offices at 3000 Alpine Road, Menlo Park, CA 94028;
650-233-0333. Additional information is available on the company's Web sites at
www.cmgi.com and www.ventures.com.
This release contains forward-looking statements based on current expectations or beliefs, as well as a number of assumptions about future events, and these statements are subject to important factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. The forward-looking statements in this release address a variety of subjects including, for example, the expected benefits of the agreement to form and fund @Ventures Global Partners, the expected capabilities of @Ventures Global Partners to identify and make investments in emerging Internet businesses
worldwide and the expected formation and capabilities of worldwide regional
offices. The following factors, among others, could cause actual results to
differ materially from those described in these forward-looking statements:
@Ventures Global Partners may not be funded in full on a timely basis due to
reasons beyond the control of the founding parties; @Ventures Global Partners may not execute successfully on its business plan, including the identification of emerging Internet business in which to invest; technological, economic and regulatory risks involved with operating and investing in international markets; and increased competition and technological changes in the markets in which @Ventures Global Partners intends to compete. For a detailed discussion of these and other cautionary statements, please refer to CMGI's filings with the Securities and Exchange Commission, including CMGI's Annual Report on Form 10-K for the most recently ended fiscal year.
Distributed via COMTEX.
Copyright (C) 2000 Business Wire. All rights reserved.
CONTACT: CMGI Public Relations CMGI Investor Relations
Deidre Moore Catherine Taylor
978-684-3655 978-684-3540
dmoore@cmgi.com ctaylor@cmgi.com
or
Kekst and Company
Roy Winnick or Mark Semer
212-521-4842 or 4802
roy-winnick@kekst.com/ mark-semer@kekst.com
ANDOVER, Mass., DALLAS and HONG KONG, Mar 1, 2000 (BUSINESS WIRE) --
Venture Partnership to Invest in Emerging Internet Businesses in
Europe, Asia and the Americas; Up to $1.5 Billion Available to
International Internet Companies
CMGI, Inc. (Nasdaq: CMGI); Hicks, Muse, Tate & Furst Incorporated ("HMTF"); and Pacific Century CyberWorks Limited ("PCCW;" Reuters: 1186.HK; Bloomberg: 1186) today announced the formation of a new venture capital partnership, @Ventures Global Partners. Under the terms of the partnership, the parties have each committed to invest up to (US)$500 million, for a total of up to (US)$1.5 billion, to support the development of Internet companies based in Asia, Europe, and the Americas.
@Ventures Global Partners will make investments in emerging Internet businesses spanning the four core disciplines of the Internet economy: content, community, commerce and infrastructure/enabling technologies. The three companies will work collaboratively to open regional offices in urban centers such as London and Hong Kong, and to appoint managing partners in each location to actively support the investment activities and organizational development of these ventures, including management recruiting and mentoring, strategic guidance and operational support, and collaboration and integration across CMGI's, HMTF's and PCCW's extensive networks of Internet, media and technology companies.
"Hicks, Muse, Tate & Furst and PCCW are leading global investors and veteran
developers of international media and technology companies. We're honored to
join them in a powerful alliance that will speed the development of
international Web offerings throughout the world," said David Wetherell,
Chairman and CEO of CMGI, Inc. "We look forward to combining our industry
expertise with these established and respected partners to develop, grow and
integrate best-of-the-Web services and technologies from across the globe."
"CMGI, under the leadership of David Wetherell, is now well-established as the world's leading Internet operating company, and Pacific Century CyberWorks, under the leadership of Richard Li, has also established itself as the leading technology investor in Asia," said Hicks Muse Chairman and CEO Thomas O. Hicks. "We are pleased to partner with these two outstanding organizations in what we all regard as a very important and long-term strategic, operational and financial relationship."
"Our strategy has always included investing in Internet companies and
incorporating them into our upcoming NOW (Network of the World) service where possible. Finding emerging Internet businesses means finding the companies that are the catalysts in the expansion of the Internet economy," said Richard Li, Chairman, Pacific Century Group. "CMGI and Hicks, Muse, Tate & Furst are ideal partners for us. They have a potent combination of global financial savvy and technology knowledge."
Today's announcement marks the second transaction in as many days to unite CMGI, PCCW and Hicks Muse for a common purpose. On Tuesday, in conjunction with PCCW's successful bid to acquire Cable & Wireless HKT, CMGI announced an agreement with Cable & Wireless plc to issue US$500 million in shares of CMGI to Cable & Wireless plc in exchange for US$500 million in shares of PCCW. In tandem, Hicks Muse announced a commitment of US$500 million to PCCW to participate in the acquisition. In exchange for its investment, Hicks Muse will receive PCCW convertible preferred stock.
About Hicks, Muse, Tate & Furst
Since its formation in 1989, Hicks, Muse, Tate & Furst Incorporated has
completed or currently has pending more than 325 transactions with an aggregate capital value of approximately $43 billion, including invested equity of more than $3 billion in the media and telecommunications sectors. Its principal office is in Dallas with additional offices in New York, London and Buenos Aires.
About Pacific Century CyberWorks Limited
Pacific Century CyberWorks Limited (PCCW), the Hong Kong-listed technology
flagship of the Pacific Century Group (www.pcg-group.com) comprises three main businesses: Pacific Convergence Corporation, CyberWorksVentures and the
Cyber-Port project.
Pacific Convergence Corporation (PCC) plans to be the world's leading provider of broadband Internet services, to be initially launched in Asia and serving 130 million cabled households. PCC's NOW (Network of the World) will offer the world's first fully converged service with interactive digital video viewing and Web access beginning with the first phase in 2000.
CyberWorksVentures (CWV), PCCW's Internet incubator company, has invested in
some 40 companies around the world, including technology enablers, e-commerce and content companies.
PCCW's strategic partners number among the world's leading Internet and
technology companies, including Intel, the world leader in semiconductor design and manufacture, CMGI, America's foremost Internet incubator and Hikari Tsushin, Japan's second biggest Internet company.
About CMGI and CMGI @Ventures
With more than 60 companies, CMGI, Inc. (Nasdaq: CMGI) represents the largest, most diverse network of Internet companies in the world. This network includes both CMGI operating companies and a growing number of synergistic investments through its venture capital affiliate, CMGI @Ventures. CMGI leverages the technologies, content and market reach of its extended family of companies to foster rapid growth and industry leadership across its network, and the larger Internet Economy. Compaq, Intel, Microsoft, Pacific Century CyberWorks and Sumitomo hold minority positions in CMGI.
CMGI's majority-owned operating companies include Engage Technologies (Nasdaq: ENGA), NaviSite (Nasdaq: NAVI), 1ClickBrands, 1stUp.com, Activate.net, AdForce, Adsmart, AltaVista, CMGI Solutions, Equilibrium, Flycast, iCAST, MyWay.com, NaviNet, SalesLink, and Tribal Voice. The company's venture capital affiliate, CMGI @Ventures, has ownership interests in Lycos, Inc. (Nasdaq: LCOS), Critical Path (Nasdaq: CPTH), Silknet (Nasdaq: SILK), Chemdex (Nasdaq: CMDX), MotherNature.com (Nasdaq: MTHR), Vicinity (Nasdaq: VCNT), Asimba.com, AuctionWatch.com, Aureate Media, blaxxun, BizBuyer.com, Boatscape.com, buyersedge.com, CarParts.com, CraftShop.com, eCircles.com, eGroups.com, EXP.com, FindLaw, FoodBuy.com, Furniture.com, Gamers.com, Half.com, HotLinks, Industria, INPHO/HomePriceCheck.com, Intelligent/Digital, KnowledgeFirst, KOZ.com,
Mondera.com, MyFamily.com, NextMonet.com, NextOffice.com, NextPlanetOver.com, Oncology.com, OneCore.com, PlanetOutdoors.com, Productopia, SnapFish.com, Speech Machines, ThingWorld.com, Virtual Ink, Visto, Vstore and WebCT.
CMGI and CMGI @Ventures corporate headquarters are located at 100 Brickstone
Square, Andover, MA 01810. Telephone: 978-684-3600. Fax: 978-684-3814. CMGI
@Ventures also has offices at 3000 Alpine Road, Menlo Park, CA 94028;
650-233-0333. Additional information is available on the company's Web sites at
www.cmgi.com and www.ventures.com.
This release contains forward-looking statements based on current expectations or beliefs, as well as a number of assumptions about future events, and these statements are subject to important factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. The forward-looking statements in this release address a variety of subjects including, for example, the expected benefits of the agreement to form and fund @Ventures Global Partners, the expected capabilities of @Ventures Global Partners to identify and make investments in emerging Internet businesses
worldwide and the expected formation and capabilities of worldwide regional
offices. The following factors, among others, could cause actual results to
differ materially from those described in these forward-looking statements:
@Ventures Global Partners may not be funded in full on a timely basis due to
reasons beyond the control of the founding parties; @Ventures Global Partners may not execute successfully on its business plan, including the identification of emerging Internet business in which to invest; technological, economic and regulatory risks involved with operating and investing in international markets; and increased competition and technological changes in the markets in which @Ventures Global Partners intends to compete. For a detailed discussion of these and other cautionary statements, please refer to CMGI's filings with the Securities and Exchange Commission, including CMGI's Annual Report on Form 10-K for the most recently ended fiscal year.
Distributed via COMTEX.
Copyright (C) 2000 Business Wire. All rights reserved.
CONTACT: CMGI Public Relations CMGI Investor Relations
Deidre Moore Catherine Taylor
978-684-3655 978-684-3540
dmoore@cmgi.com ctaylor@cmgi.com
or
Kekst and Company
Roy Winnick or Mark Semer
212-521-4842 or 4802
roy-winnick@kekst.com/ mark-semer@kekst.com
