AOL Time Warner Backs Magis

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AOL Time Warner Ventures is joining a number of consumer-electronics
manufacturers in pouring $40 million of series-B funding into Magis Networks
Inc., which makes wireless chip sets for high-definition-television

The Magis chip sets allow consumers to send HDTV video, TCP/IP
(transmission-control protocol/Internet protocol) data and voice services
throughout a home or office.

AOL Time Warner joins Hitachi Ltd., Motorola Inc., Panasonic Consumer
Electronics and Sanyo Electronics Corp. in Magis' second round. The first round
included Paul Allen's Vulcan Ventures Inc., Bay Partners and Crescendo Ventures

'The ability to deliver video wirelessly is a promising opportunity and
supports our objective of making interactive services widely accessible and easy
to use,' AOL Time Warner Ventures president Len Leader said.