Discovery creates dot-com unit

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Discovery Communications, Bethesda, Md., said it's forming a new company,, that will consolidate all its Internet activity. Discovery is expected to invest $500 million by 2003 in the new venture, which emanates from Discovery Channel Online and John S. Hendricks, founder, chairman and CEO of Discovery Communications, also will serve as chairman-CEO of The new company is expected to get a major promotional push from its "old media" parent. In January, Discovery was said to be close to hiring Publicis & Hal Riney, San Francisco, for an estimated $70 million account covering its online businesses. Discovery follows NBC and Walt Disney Co. in spinning off its Internet businesses in a bid to capitalize on the bull market for online stocks.

Copyright February 2000, Crain Communications Inc.

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