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Media firms, brokerages spin off Net units

Media giants and major brokerages put more oomph in their online efforts, expanding their reach and capitalizing on the Net IPO frenzy.

 

  latest developments 

Waking up to consumer demand, media giants and major brokerages put more oomph in their online efforts, expanding their reach and capitalizing on the Net IPO frenzy.

"Many are setting up separate Internet operations because they want to move faster than their traditional offline business."

- Scott Ryles, Merrill Lynch banker

 


Media companies make Net IPO push
Traditional media companies that have watched their Net-only counterparts shoot past them in valuation are spinning off their own online units to cash in on Wall Street's Internet fever.

Brokerages spin onto the Net
Several Wall Street firms hope the market for Net stocks will enable them to raise beaucoup capital for their online trading units.

Bertelsmann plans Net shares sale
The giant media company plans to sell shares in several of its online operations in coming months to raise funds for multimedia acquisitions.

New York Times forms Net unit, mulls IPO
update The publisher of the New York Times and the Boston Globe announces the creation of Times Company Digital in a move to consolidate its far-flung Internet operations.

Merrill Lynch creates Internet unit
Direct Markets unites existing online offerings and will grow to include new trading products, research, analytical functions, and investment advice.

Flower sites' IPOs blossom
1-800-Flowers is the latest Internet florist to file for an initial public offering.