Excite@Home Shutters Some Int'l Ops
By Jeff Baumgartner -- Multichannel News, 6/6/2001 10:40:00 AM
Citing a soft Internet-advertising market, Excite@Home Corp. said Wednesday that it will close its media operations in France, Germany and Spain, but it will continue to keep its European media division and Excite UK Ltd. and Excite Italia joint ventures open for business.
Excite@Home added that the moves will not impact its portal joint ventures in Japan and Australia.
The company said it expects its Excite-branded Web sites and local operations in France, Germany and Spain to be shut down sometime in July.
'While it is disappointing that market conditions make it necessary to discontinue certain European businesses, it is important for us to continue to focus more closely on our strengths,' Excite@Home chairman and CEO Patti S. Hart said in a statement.
Excite UK and Excite Italia are among those strengths, the company said, noting that the U.K. property generated 10 million euros the year ended Dec. 31 and generated 'a small net profit' for the quarter ended March 31.
Excite@Home has a 58 percent stake in Excite UK, a joint venture with British Telecommunications plc; a 30 percent piece of Excite Italia, other owners of which also include Tiscalli S.p.A.; and @Home Benelux, a partnership between Excite@Home and Essent Kabelcom B.V.
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