LVMH Moet Hennessy Louis Vuitton, a luxury goods group, and its Europ@web will make a strategic investment of $122 million in Oxygen Media, the media company that is developing a brand for women on the Internet and cable TV. LVMH will take a minority stake in privately owned Oxygen and a seat on its board. Europ@web is an Internet investment company recently established by Groupe Arnault, the private holding company that controls LVMH. It has emerged as an active Internet and e-commerce investor in Europe and the U.S. LVMH's and Europ@web's investment is part of Oxygen's private financing, which also includes previously announced investments from Oprah Winfrey's Harpo Entertainment Group; CWM LLC, an entity formed by Marcy Carsey, Tom Werner and Caryn Mandabach; Vulcan Ventures, the investment organization of Paul G. Allen, and America Online. All have minority equity positions in Oxygen.
Copyright December 1999, Crain Communications Inc.