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PointCast shelves IPO
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July 15, 1998: 7:21 p.m. ET
Company pursuing other strategic alternatives; mum on details
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NEW YORK (CNNfn) - PointCast Inc., which pioneered the concept of 'push' broadcasting on the Internet, announced Wednesday it was shelving plans for an initial public offering.
In a filing with the Securities and Exchange Commission, the company said the decision was made to allow officials to pursue other strategic alternatives.
The company filed for the IPO May 14.
PointCast President and Chief Executive Officer David Dorman said in a statement that the company wanted to be able to take advantage of strategic partnership opportunities without legal restraints.
"There are tremendous opportunities to strengthen and leverage our business through options that have recently emerged," he said.
Since it was founded in 1992, PointCast has specialized in delivering a variety of content to computers through the Internet. The company pioneered the concept of 'push broadcasting,' although a number of competitors have come and gone since.
Last year, rumors circulated that Rupert Murdoch's News Corp. was negotiating to purchase PointCast for about $450 million.
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PointCast
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