NEW YORK (CNNfn) - Seeking to capitalize on the growing popularity of Internet stocks, Ziff-Davis Inc. announced plans Tuesday to take its Internet news division, ZDNet, public.
In a statement, the company said it plans to offer a new series of common stock intended to track the performance of ZDNet. All of the shares will be issued by the company and represent new financing.
The company intends to apply to list the new stock on the New York Stock Exchange, where Ziff-Davis (ZD) common stock is traded.
ZDNet provides technology-related content to Internet users worldwide.
Goldman, Sachs & Co.; Donaldson, Lufkin & Jenrette; and Hambrecht & Quist are all involved in managing the deal.
Ziff-Davis provides technology information through magazines, online services, TV, newsletters, databases, trade shows, and computer-training courseware.
The company publishes more than 80 publications, including "PC Magazine" and "PC Week", and one of its Web sites, ZDNet.com, offers computer-related news, reviews, chat rooms, and games.
Other units publish newsletters, conduct market research, and operate trade shows. Ziff-Davis also operates ZDTV, a 24-hour cable news channel that focuses on computers and the Internet. Ziff-Davis is owned by Softbank.