[FPSPACE] Space.com buys more stuff

Dwayne Allen Day wayneday@gwis2.circ.gwu.edu
Thu, 26 Oct 2000 16:34:47 -0400 (EDT)


from space.com


Gannett Acquires Equity Stake in SPACE.COM

posted: 01:58 pm ET 
26 October 2000   	

New York (October 26, 2000)  Gannett Co., Inc. and SPACE.com, Inc. today
announced the formation of a strategic media partnership in which Gannett
becomes an equity investor in SPACE.com and SPACE.com acquires Gannett's
space media properties for its portfolio of publishing, broadcast, web and
software businesses.

Gannett and SPACE.com have signed a definitive agreement in which
SPACE.com acquires Space News newspaper, and spacenews.com and FLORIDA
TODAY's Space Online websites. Under the agreement, Gannett will provide
cash investment, and the substantial marketing and promotional support of
its media assets including USA TODAY, and the company's regional
newspapers, broadcast outlets and internet properties, in exchange for an
interest in SPACE.com. Financial details regarding the transaction were
not disclosed. Closing is expected in November.

"We feel the combination of the assets of SPACE.com with Space News and
Space Online will create a clear leader in delivering multimedia news and
information about space," said Douglas H. McCorkindale, president and CEO
of Gannett. "Gannett and its shareholders will benefit from the
partnership."

"Space News and FLORIDA TODAY's Space Online are powerful additions to
SPACE.com's growing roster of media assets focused on space and
aerospace," said SPACE.com Chairman and CEO Lou Dobbs. "We are proud to
have Gannett as our strategic partner and we believe our relationship will
accelerate the extension of our multimedia brand strategy."



***************

DDAY