AOL, Bloomberg seal pact
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February 26, 1998: 3:25 p.m. ET
Bloomberg becoming 'anchor tenant' on AOL's business news center
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NEW YORK (CNNfn) - Bloomberg LP signed a deal Thursday with America Online to become one of the service's business news providers.
Bloomberg will become one of the "anchor tenants" on AOL's business news center, meaning its logo and a link to its reports will be prominently featured on the section's opening screen.
The news will begin appearing on the service later this week.
Neither company would confirm a report in Thursday's New York Times that New York-based Bloomberg paid Dulles, Va.-based AOL an undisclosed sum for the placement.
However, those slots tend to be lucrative for AOL, which recently received $16 million from financial software maker Intuit Inc. Intuit also has guaranteed to pay AOL $30 million over the next three years to be an anchor tenant.
AOL Interactive Services President Barry Schuler said the deal will increase the value of an area that is very popular with the service's 11 million members.
"AOL members are increasingly managing their finances online. By partnering with globally-respected brands like Bloomberg, the business news center is continuing to give AOL members the information they need to keep pace with rapidly developing business and financial markets," he said.
Michael Bloomberg, founder and chief executive officer of Bloomberg LP, called the partnership "significant."
"This is a very significant partnership for Bloomberg. With nearly 60 percent of all household time in cyberspace spent on AOL, Bloomberg is well positioned to establish itself as the definitive online business and finance news brand for consumers," he said.
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