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Internet advertising revenue rose to $351.3 million in the first quarter, according to the Internet Advertising Bureau's Revenue Report. Revenue in the first quarter was up 5% from fourth quarter of last year, according to the June 17 report prepared by Coopers & Lybrand and the IAB.

Computing was the top advertising spender, contributing 27% of total revenue. Consumer products made up 25%.

The IAB and Internet Local Advertising & Commerce Association also decided to merge under the IAB's name.

Excite Event Finder taps 20 sites

Excite (www.excite.com) today unveils Excite Event Finder powered by Jango, a shopping agent that brings up event listings from 20 different Web sites including TicketMaster, EventCal and PlayBill.

Users will be able to use the service to find dates and times of movies, concerts and other events nationally.

Disney plans 43% stake in Infoseek

Walt Disney Co. last week agreed to take a 43% stake in Infoseek Corp. In return, Infoseek acquires online entertainment company Starwave from Disney and receives $70 million in cash. Disney agreed to spend $165 million to promote the portal site. Infoseek and Disney plan to launch a combined portal site later this year, which will feature ABC.com, ABCNews.com, Disney.com and other Disney- and Starwave-owned sites.

LinkExchange buys e-commerce site

Ad network LinkExchange announces today that it has purchased online commerce provider Merchant Planet (www.merchantplanet.com). With Merchant Planet's software, LinkExchange members can add electronic-commerce and credit-card transaction capabilities to their sites. In a similar move, Yahoo! recently acquired online e-commerce company Viaweb.

GoTo's advertiser ranks swell to 1,000

Startup search engine GoTo.com (www.goto.com) announces today it now has 1,000 advertisers. They include BarnesandNoble.com, OnSale and Travelocity. Advertisers pay to be listed in GoTo.com's search results, with the higher bidders receiving top placement. After three months of beta testing, GoTo.com launched to consumers in June and is preparing a $6 million online and off-line awareness campaign, created in-house, through the end of the year.

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