Zap, a nervy Internet venture, is zapped; some jilted entrepreneurs left in its wake are weighing options
Article Abstract:
Zapata has announced that it is abandoning plans to sell shares in its Internet venture, Zap. The evolving company in Apr 1998 introduced a roll-up financial maneuver, which intended to purchase dozens of small Web sites. Zapata then would have sold Zap shares to the public for a substantially higher amount than the Web site purchases. CEO Avram A. Glazer blamed the setback on declining technology stock prices and a hostile environment for new stock offerings, but he did not rule out a future return to the Internet business. Approximately 31 Web sites responded to Zapata's newspaper advertisements that had solicited acquisitions and agreed to participate in the roll-up. Zapata also reached deals with around 20 Internet entrepreneurs, some of whom criticized its business approach. Houston-based Zapata, founded as an oil discovery business by former President Bush, has processed fish oil since the early 1990's.
Publication Name: The New York Times
Subject: Business, general
ISSN: 0362-4331
Year: 1998
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Big Web sites to track steps of their users
Article Abstract:
Some of the largest commercial World Wide Web sites have agreed to funnel customers's personal information into a CMG Information Services-designed Internet system, Engage, which already monitors more than 30 million online users. The Web sites will forward the data in exchange for more precise, or sometimes personalized advertisements. Individual customers will maintain their anonymity in Engage, as CMG says the system instead will place a unique indentifying number on each user's hard drive when visiting a participating Web site. Lycos-Tripod and Geocities will be among the sites participating in the most elaborate attempt to centralize personal information on Web users. The two sites drew 14.8 million and 14.2 million visitors respectively in Jul 1998, according to market research company Relevant Knowledge. The move also concerns privacy-rights advocates.
Publication Name: The New York Times
Subject: Business, general
ISSN: 0362-4331
Year: 1998
User Contributions:
Comment about this article or add new information about this topic:
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