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Wired cites market in delay of IPO

Wired Ventures confirmed the delay of its IPO, citing the recent market downturn.

Wired Ventures today confirmed the delay of its initial public offering, attributing the change in plans to the recent rout of high-technology stocks.

"We have decided to temporarily halt the countdown to our IPO and wait until this storm has passed," said Jane Metcalfe, president of Wired Ventures in a memo to Wired employees. The announcement confirmed a report by CNET last week on the postponement.

The San Francisco-based company, which publishes Wired magazine and its online sibling HotWired, filed its IPO registration statement with the Securities and Exchange Commission on May 30. Wired planned to raise $75.9 million with an offering of 6.3 million shares at $12 each, according to the firm's prospectus.

The company would not disclose a new date but said it is working with Goldman Sachs to prepare a revised timetable. At least one high-tech stock analyzer, Red Herring editor Tony Perkins, expects the company to try again in October.

In addition to its magazines, Wired Ventures owns the HardWired book publishing company and recently launched its HotBot search engine. It also plans to debut Netizen, a television show to be aired on MSNBC.

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