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Short Take: Open Market raises $20 million

Open Market, an e-commerce and commercial publishing software firm, raised $20 million in a private placement of 1.3 million shares sold to CMG Information Services. The shares sold for $14.94 each and CMG received warrants to buy another 335,000 shares at $16.43 each. CMG invests in Internet stocks and has holdings in Lycos, GeoCities, and Hollywood Entertainment, which has agreed to buy Reel.com.