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Ziff-Davis considers move
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July 14, 1999: 7:08 p.m. ET
Softbank may be looking to sell Ziff-Davis, sells stake in Kingston
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NEW YORK (CNNfn) - Ziff-Davis Inc., a leading provider of technology information and publisher of magazines such as PC Week and PCMagazine, said Wednesday it has retained investment bank Morgan Stanley Dean Witter that could lead to a sale of all or part the company or the formation of new alliances or partnerships. One possibility could be a sale by majority shareholder Softbank Corp.
Ziff-Davis (ZD) said in a statement it has only retained the investment bank firm to, "explore further strategic alternatives," and that, "no assurance can be given that any transaction will result from the exploration process."
The moves comes after Japanese company Softbank decided to concentrate on companies which operated only on the Internet.
"Because Softbank revised its strategy to focus on companies that operate totally on the Internet platform, we are evaluating a number of our investments," said Masayoshi Son, president and CEO of Softbank. "In the case of Ziff-Davis, we support the decision of its Board to explore all options for maximizing shareholder value."
Keeping in line with its strategy, Softbank also said Wednesday that it will sell its 80 percent stake in memory product maker Kingston Technology Co. back to the company's founders.
Kingston is the world's largest independent manufacturer of memory products for servers, workstations, desktops, portable, and electronic devices.
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