BET Networks sets new course for BET Interactive with buyout of investors

BET Networks sets new course for BET Interactive with buyout of investors

(August 25, 2006) BET Networks, a unit of Viacom Inc., announced today that BET Interactive, its Internet operating unit, is taking one of its most strategic steps in its six-year history with the cash buyout of its original investment group consisting of Microsoft, News Corporation, Liberty Media and IAC/InterActive Corp and the former investors from 360HipHop.com, led by hip-hop mogul Russell Simmons. Financial terms were not disclosed. BET Networks Chairman and CEO Debra Lee along with Michael Pickrum, Executive Vice President and Chief Operating Officer of BET Interactive, announced the transaction today.

"This is a great day for BET Networks and BET Interactive as we've seen our goal of 100 percent controlling interest in our Internet property come true," said Lee. "The growth and success achieved by BET.com has been nothing short of remarkable in a tumultuous marketplace that saw many interactive ventures fail. We can attribute that success directly to the strategic leadership of Michael Pickrum and his management team."

BET.com has established itself as the leading online media site for African-American content and targeted brand advertising. The portal first launched in 2000 with initial venture capital funding from its original investors. Since then, a business plan based on financial discipline, strategic partnerships and commitment to serving its core audience helped BET.com achieve success across all of its key metrics.

Pickrum said, "Buying out the original investors is a cornerstone in BET's digital media strategy. Our ability to establish and sustain success enables us to execute a plan to create even more compelling content for millions of users in an advertising-supported environment."

For Viacom, the buyout of the BET Interactive shareholders is another step in its multiplatform strategy that is fueling all of its business units.

"BET.com is the leading African-American website and a great example of our ability to move our entertainment brands onto digital platforms," said Tom Freston, President and Chief Executive Officer of Viacom. "We have great plans for BET.com and are thrilled to bring this leading media site completely under our roof."

BET.com has registered more than 3.6 million users and generates 2.6 million in total monthly unique visitors (based on June 2006 comScore data). Praise and accolades have also followed with dozens of awards from such prestigious entities as the National Association of Black Journalists, Pew Center for Civic Journalism, Scripps-Howard Media, along with Interactive Design and Black Enterprise magazines.

"It's exciting to be in the new media business when you have a financially-proven business model, a great brand, and the marketing and programming support of BET Networks, the leading media property targeting African Americans," said Pickrum. The key now is to apply that intelligence to consistently deliver a compelling on-line experience."

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Click here for free delivery of the Target Market News Bulletin You'll receive news of breaking stories, exclusives, updates and headlines on the latest developments in African American marketing and media Black Stats Frequently requested data on African American consumers Black Buying Power: $679 Billion (2004) Black U.S. Population: 38.3 million Top Five Black Cities - New York - Chicago - Detroit - Philadelphia - Houston Top Five Black Metros: - New York-New Jersey - Washington-Baltimore - Chicago-Gary - Los Angeles - Philadelphia Top Five Expenditures: - Housing 110.2 bil. - Food 53.8 bil. - Cars/Trucks 28.7 bil. - Clothing 22.0 bil. - Health Care 17.9 bil. Click here for more stats from "The Buying Power of Black America." ______________________ Get quick access to key U.S. Census Bureau Data Click here to go to African-American Census Bureau data _____________________ Copyright `© 2006 by Target Market News Inc.` All rights reserved Business address: 228 S. Wabash Ave. Suite 210 Chicago, IL 60604 t. 312-408-1881 f. 312-408-1867 info@targetmarketnews.com	BET Networks sets new course for BET Interactive with buyout of investors (August 25, 2006) BET Networks, a unit of Viacom Inc., announced today that BET Interactive, its Internet operating unit, is taking one of its most strategic steps in its six-year history with the cash buyout of its original investment group consisting of Microsoft, News Corporation, Liberty Media and IAC/InterActive Corp and the former investors from 360HipHop.com, led by hip-hop mogul Russell Simmons. Financial terms were not disclosed. BET Networks Chairman and CEO Debra Lee along with Michael Pickrum, Executive Vice President and Chief Operating Officer of BET Interactive, announced the transaction today. "This is a great day for BET Networks and BET Interactive as we've seen our goal of 100 percent controlling interest in our Internet property come true," said Lee. "The growth and success achieved by BET.com has been nothing short of remarkable in a tumultuous marketplace that saw many interactive ventures fail. We can attribute that success directly to the strategic leadership of Michael Pickrum and his management team." BET.com has established itself as the leading online media site for African-American content and targeted brand advertising. The portal first launched in 2000 with initial venture capital funding from its original investors. Since then, a business plan based on financial discipline, strategic partnerships and commitment to serving its core audience helped BET.com achieve success across all of its key metrics. Pickrum said, "Buying out the original investors is a cornerstone in BET's digital media strategy. Our ability to establish and sustain success enables us to execute a plan to create even more compelling content for millions of users in an advertising-supported environment." For Viacom, the buyout of the BET Interactive shareholders is another step in its multiplatform strategy that is fueling all of its business units. "BET.com is the leading African-American website and a great example of our ability to move our entertainment brands onto digital platforms," said Tom Freston, President and Chief Executive Officer of Viacom. "We have great plans for BET.com and are thrilled to bring this leading media site completely under our roof." BET.com has registered more than 3.6 million users and generates 2.6 million in total monthly unique visitors (based on June 2006 comScore data). Praise and accolades have also followed with dozens of awards from such prestigious entities as the National Association of Black Journalists, Pew Center for Civic Journalism, Scripps-Howard Media, along with Interactive Design and Black Enterprise magazines. "It's exciting to be in the new media business when you have a financially-proven business model, a great brand, and the marketing and programming support of BET Networks, the leading media property targeting African Americans," said Pickrum. The key now is to apply that intelligence to consistently deliver a compelling on-line experience." Go to Target Market News homepage	Click here to read more ________________________ The African-American Book Publishing Authority Now in its seventh year of publication, Black Issues Book Review is the only nationally distributed magazine devoted exclusively to covering the latest news and reviews on black books. BIBR also provides up-to-date news on forthcoming author events, publications, conferences, shows and exhibits. Want this issue? Get it with your new subscription. 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