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theglobe.com: we got games
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April 6, 1999: 12:40 p.m. ET
Online site acquires piece of the entertainment Website market
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NEW YORK (CNNfn) - Seeing a future in fun, theglobe.com, a broad-based Internet content and commerce site, will acquire a major online gaming magazine publisher.
The acquisition of Attitude Network announced Tuesday gives the theglobe.com 2.36 million more users in what the company considers the key 18- to 44-years-old demographic.
Attitude runs the web sites Happy Puppy and Games Domain, which review computer games and offer free game demos. For theglobe, the acquisition could bring to its traditional data and commerce site a young, Internet savvy audience that's apparently growing.
"Gaming," says Attitude's Website, "is an industry larger than Hollywood and growing much faster."
In the transaction, theglobe.com (TGLO) will issue about 750,000 shares to Attitude shareholders, or $43.9 million based on Monday's closing price. The company will also assume approximately $5.1 million of Attitude's debt.
The New York firm believes the computer game enthusiast demographic is worth the price.
"The shopping and purchasing habits of this audience is one of the most attractive on the Web and is a perfect fit for our newly integrated shopping experience and soon to be launched auction service," said Todd Krizelman, co-CEO of theglobe.com.
This is not theglobe.com's first acquisition. In February, the Silicon Alley firm bought
the online department store Azazz.com in an all-stock deal for 307,000 shares.
But the company is perhaps most famous for its IPO. Shares in theglobe.com soared 606 percent in their first day of trading last November.
The company's stock fell 1/2 to 55-5/8 in early afternoon trading Tuesday. 
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