Seven Network has announced it has formed an alliance with US Internet group NBC Internet (NBCi) in attempt to create and develop local Web and broadband presence.
The deal will see NBC Internet (NBCi) assisting Seven Network's Internet business, i7, in creating and developing co-branded online and broadband consumer services drawing on internationally recognised technology platforms and content, Seven said in a statement this morning.
The Australian broadcaster said it would also licence NBCi technology, content and services.
NBCi, which is 47.3 per cent owned by General Electric, said it would take a significant shareholding in i7, which is also expected to pursue listing on ASX later this year.
Following the announcement, Seven shares rose 29 cents to $5.58 per share, moving against an [all ords] index down 5 per cent.
"Obviously the sharemarket liked it," an ASX spokesperson said.
* For full story please see Computerworld 24/1/00