Rare Medium, New York, has acquired community and entertainment network LiveUniverse.com. LiveUniverse provides Web site developers with free services, including chat rooms, e-commerce tools and news feeds. The move marks Rare Medium's first step toward developing a network of affiliates and Web portals. Terms of the deal were not disclosed.
The company plans additional acquisitions of sites and services to roll into LiveUniverse, said Glenn Meyers, chairman, president and CEO. The deal follows Rare Medium's signing a letter of intent with Apollo Management for Apollo affiliates to invest $76 million of equity in the company.
Copyright April 1999, Crain Communications Inc.