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MTV To Split Online Business in Two as IPO Prelude
1999-12-21
NEW YORK - MTV Networks, the music and entertainment cable television and Internet company, said on Monday it would split its online business into two groups as a prelude to a possible initial public offering.MTV Networks Online will be divided into the MTVi Group, which includes Web sites VH1.com, MTV.com and SonicNet.com, and Nickelodeon Online, which includes nick.com, nickjr.com, tvland.com, nick-at-nigt.com, gas.nick.com, teachers.nic.com and redrocket.com. ''Executives in the past have stated that both companies would be going public,'' said a spokesman for MTV Networks, whose parent company is Viacom Inc. ''This move obviously strengthens both companies,'' he said, adding that this was the next step down the path of an IPO. Analysts expect an IPO offering for MTVi sometime early next year, with the timing for a Nickelodeon offering less clear. Nicholas Butterworth will continue to serve as president and chief executive of The MTVi Group. He will report to Tom Freston, chairman and chief executive of MTV Networks. Fred Seibert will focus his efforts on Nickelodean Online and will continue reporting to Freston. Last week, MTV Networks said it would cooperate with a federal anti-trust probe by the U.S. Justice Department. Company executives were quoted in news reports saying that the Justice Department was looking at practices such as demands for exclusive rights to air music videos, as well as allegations that MTV's virtual monopoly allows it to set its own fees, thereby depriving record companies of ''fair value.''
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