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Disney mulls Web offering?
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April 12, 1999: 5:59 a.m. ET
Report: Disney considers creating separate vehicle for Internet interests
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LONDON (CNNfn) - The Walt Disney Co. is considering floating off its online assets, and is pushing to increase its 43 percent stake in Infoseek Corp. to a majority holding as part of the process, according to a press report Monday.
The California-based entertainment company is mulling different ways of packaging its Disney Online interests with its stake in search-engine turned Web portal company Infoseek (SEEK), according to The Wall Street Journal, which cited "people familiar with the situation."
The report said that to simplify any separate listing of its Web assets Disney is currently negotiating to take majority control of Infoseek, which it could then use as the vehicle for its listing.
Disney (DIS) is barred from taking majority control of Infoseek for at least three years under the terms of the original deal last June, the Journal said.
The report said no decision is expected soon.
Disney declined comment to the Journal. Infoseek chief executive officer Harry Motro would only said that his company is "always talking to Disney about how to build a great product for the consumer. We are very excited about the potential for working with them in developing an even deeper relationship."
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