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Wednesday November 10 2:13 PM ET
LookSmart-Brit. Telecom Cooperate
LONDON (AP) - Internet search engine LookSmart Ltd (Nasdaq:LOOK - news). and British Telecommunications PLC (NYSE:BTY - news) announced a joint venture to provide Internet services in Europe and Asia.
The companies said they will spend up to $200 million to provide Internet access and build local Web portal sites in what they describe as the world's fastest growing markets for Internet services.
The companies also plan to develop services for high-speed and wireless Internet connections. They expect to generate revenue from advertising, licensing, and e-commerce.
London-based communications giant British Telecommunications says it has 31 million Internet and wireless access customers. San Francisco-based LookSmart provides Web navigation directories for 17 countries.
Over 51 million people now access the Internet in western Europe and Asia, according to International Data Corp. By 2003, that number could quadruple, IDC said.
Earlier Stories
LookSmart, Brit Telecom in Venture (November 10)
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