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United News & Media unveils Net strategy with $600M investment

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London--Clive Hollick, CEO of United News & Media plc, on Friday unveiled the company's Internet strategy, which will include an investment of about $600 million--$160 million of it in the U.S., primarily on CMPnet, a business-to-business technology portal. United, which owns CMP Media and Miller Freeman, says an initial public offering for CMPnet, which was promised for last year, is now slated for this summer. Mr. Hollick said plans to sell off Miller Freeman's U.S. and Latin American properties are proceeding. Additionally, he said he expects a ruling in May on United's efforts to merge with fellow U.K. broadcaster Carlton Communications. Also on Friday, United released 1999 financial results, which saw pretax profits fall nearly 4%, to $446.4 million from $464 million in 1998. Revenue from continuing operations increased nearly 16%, to $3.47 billion from $3 billion.
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