Another Internet Media Death...NBCi...
NBC Pulls Plug on Online Media Venture, NBCi
By Christine Gordon In a sign that big brands are having as much trouble online as entrepreneurial start-ups, General Electric's (NYSE:GE) NBC has shut-down its online play, NBCi.
Media giant NBC, which said it already held about 38.6 percent of NBCi's shares, said it would pay $2.19 per share, or about $138 million for NBCi, based on shares outstanding as of Dec. 31, 2000.
As a result of the shut-down, NBCi said it would immediately begin cutting the size of its work force as it prepares to scale down the business. The company said it was in the process of determining how to use NBCi's assets. In the meantime executives plan to develop a strategy for the Web properties over the next several months.
