 |
 | |
 |  |
| We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level. |
Women.com Networks, Inc. Files to Raise $46 Mln in IPO Bloomberg News May 13, 1999, 3:39 p.m. PT Washington, May 13 (Bloomberg) -- Women.com Networks, Inc. a Web site for women readers, filed to raise $46 million through an initial public offering. The Web site run by the San Mateo, California-based company features original content, online shopping and membership services geared to women between the ages of 25 and 49. The company has an agreement with the Hearst Corp. that gives women.com online distribution rights to Hearst's leading women's magazines, including Harper's Bazaar, Cosmopolitan, Redbook and House Beautiful. The network is organized into ''channels'' specializing in subjects such as career, cars, entertainment, family, fashion and beauty, fitness, and pregnancy. ''Today women represent an increasingly significant and fast-growing segment of the online audience,'' the company said in its IPO filing with the Securities and Exchange Commission. ''They also represent an increasingly important demographic group to advertisers and merchants. This importance is due in part to the growth in women's income and the role women play as key consumer decision makers, both in the home and in the workplace.'' In the first quarter of 1999, the company said it had 130 ''industry leading'' companies buy advertising on its site, including the Coca-Cola Corp., Jenny Craig, Inc.., and Sears, Roebuck and Co. The network was formed in 1992 as Wire Networks Inc., and launched its first site, Women's Wire, in 1995. Earlier this year, the company combined operations with two Hearst sites:Astronet, an astrology site, and HomeArts, another women's lifestyle network. Marleen McDaniel, 49, the company's chairwoman, chief executive and president, served in the management of Interop Co., a division of Ziff Davis Publishing, and Crescendo Communications Inc., which later merged with Cisco Systems Inc. Hearst will own approximately half of the company's outstanding stock after the offering, the filing said . This will give it effective control over all stockholder actions, including electing directors. Also,''trading in our common stock may be limited unless Hearst elects to sell some or all of its shares,''the filing said. MediaOne Interactive Services, Inc. has an 8.3 percent stake in the company before the offering, consisting partly of warrants that can be exercised for shares until the end of June. Women.com warned in the IPO filing that it has a limited operating history and that its revenue have become significant ''only recently'' and that it has had operating losses since it formed. As of March 31, 1999, the company had an accumulated deficit of $39.1 million, the filing said. For the three months that ended March 31, the company reported a $16 million loss on revenue of $3.6 million. Of that loss, approximately $6 million was related to non-cash charges, such as goodwill amortization and stock-based compensation, and has no effect on cash flow, the company said. Working Capital Women.com said it will use the proceeds from the IPO for general growth and expansion, to build its brand and enhance its products and for general corporate purposes, including working capital. The IPO filing didn't disclose the number of shares the company hopes to sell or the price it expects to get. Those details will be disclosed in a subsequent filing. The $46 million figure listed in the filing for maximum proceeds was estimated to calculate an SEC filing fee. Women.com hired Morgan Stanley Dean Witter, BT Alex. Brown and Salomon Smith Barney to underwrite its shares. The company wants its shares to trade on the Nasdaq Stock Market under the symbol WOMN. (Courtesy:Bloomberg via CNET news) | ||||||||||||||
|
| Home | Hot | SubjectMarks | PeopleMarks | Keepers | Settings |
| Terms Of Use | Contact Us | Copyright/IP Policy | Privacy Policy | About Us | FAQ | Advertise on SI |
| © 2024 Knight Sac Media. Data provided by Twelve Data, Alpha Vantage, and CityFALCON News |