NBC boosts Net2Phone
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August 9, 1999: 5:24 p.m. ET
Broadcaster and Snap.com to take equity stakes in Internet phone company
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NEW YORK (CNNfn) - Shares of Net2Phone Inc. surged 23 percent Monday after NBC and Web portal Snap.com took equity stakes in the Internet phone company.
Hackensack, N.J.-based Net2Phone (NTOP) allows people to make low-cost telephone calls over the Internet. The company's shares rose 3-7/8 to close at 20-3/8 in Monday trade on the Nasdaq stock exchange.
NBC, a unit of General Electric Co. (GE), will feature a link to Net2Phone on its NBC.com Web site and on Snap.com, which is owned by NBC and CNet Inc. (CNET).
Financial terms of the equity stakes were not disclosed.
CNet shares fell 1-5/16 to 31-1/16.
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Net2Phone
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