Source Says So Long
By Multi Channel News Staff -- Multichannel News, 3/19/2002 6:38:00 AM
Source Media Inc. terminated its operations after selling Insight Communications Co. Inc. its sole remaining cable asset -- a 50 percent stake in the SourceSuite venture that markets the SourceGuide interactive programming guide and LocalSource interactive-TV-content service.
Insight, which already owned 50 percent of SourceSuite, acquired the other half by surrendering bonds Source had issued to the MSO.
Shares in Source -- which cracked the $30-per-share level in 1998 amid unfounded rumors that it was an acquisition target of either Microsoft Corp. or America Online Inc. -- dropped by one penny Monday, closing at 14 cents per share.
Despite the hype tied to its IPG and local-content offering, Source never managed to sell its products to any MSO other than Insight.
Insight president Michael Willner said the MSO will now market SourceSuite to operators worldwide.
Insight joins Cablevision Systems Corp. as operators that are pitching interactive-TV products -- Rainbow Media Holdings Inc.'s Mag Rack content, in Cablevision's case -- to other MSOs.
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