Media companies invest in online classifieds site

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Six major media companies have agreed in principle to take equity positions in AdOne, an Internet classifieds company and its consumer Web site, ClassifiedWarehouse.com. Belo Corp., Journal Register Co., Lee Enterprises, Media General, Morris Communications Corp. and Pulitzer Publishing Co. will provide a second round of capital to AdOne; become participating members in AdOne's network and various online classified products; and provide significant promotional support. The new investors will join Advance Publications, Donrey Media Group, the E.W. Scripps Co., the Hearst Corp. and MediaNews Group, which collectively acquired AdOne in January, as network participants and equity partners.

Copyright July 1999, Crain Communications Inc.

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