NBC agreed to take an equity stake in Snap!
, the "portal" starting page site from CNET, San Francisco. NBC and CNET will run the site as a joint venture, with some NBC employees expected to join the Snap! staff. NBC will acquire a minority stake in Snap! with the option to increase its ownership to 60%. In addition, NBC will purchase a 5% equity stake in CNET. Industry analysts predict more media companies will strike deals with major search engines and portal sites in the coming months.
Copyright June 1998, Crain Communications Inc.