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Allen buys rest of ZDTV
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November 19, 1999: 11:16 a.m. ET
Vulcan Ventures buys remaining 64% from Ziff-Davis for $205M
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NEW YORK (CNNfn) - Ziff-Davis said Friday it will sell its 64 percent interest in the ZDTV cable channel to Paul Allen's Vulcan Ventures for $204.8 million. Last February, Vulcan bought 33 percent of the operation for $55 million.
The remaining 3 percent of ZDTV will be owned by its management and employees.
The agreement places a $320 million value on the television division of technology publisher Ziff-Davis (ZD). The deal is expected to be finalized within 45 days, pending regulatory approval.
ZDTV is distributed to 14 million homes in the U.S. and is expected to reach 16 million by the end of the year. More than 88 cable operators and 400 cable systems offer ZDTV. The cable station provides Internet news, technology information and entertainment.
Allen, co-founder of Microsoft (MSFT), heads Vulcan Ventures, which invests in promising Internet and technology firms. The company's holdings include drugstore.com, Oxygen Media and TiVo.
A Vulcan official said the firm strongly believes in the potential of television and Web programming.
"ZDTV is a tremendous addition to Vulcan's portfolio of companies," said William Savoy president of Vulcan. "ZDTV fits in well with the portfolio of businesses that Vulcan is building.
Earlier this week, Ziff said it is selling its business-to-business information-technology learning division for $172 million to U.S. Equity Partners, a private equity fund managed by Wasserstein Perella. 
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