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Published on .

(July 13, 2001) -- 550 Digital Media Ventures, a unit of Sony Broadband Entertainment, is taking a $17 million equity stake in eUniverse, which operates a network of entertainment sites.

Under the terms of the deal, 550 Digital Media Ventures will make a $5 million investment in eUniverse and have a seat on its board, and eUniverse will buy InfoBeat, which operates a news and entertainment email service for $9.94 million. Euniverse also has the option to convert a $2.1 million note into equity.

InfoBeat had been part of Indimi, a unit of 550 DMV concentrating on online direct marketing. Euniverse and 550 DMV also said they will be exploring ways for Sony properties to be marketed and distributed through eUniverse. -- Catharine P. Taylor

Copyright July 2001, Crain Communications Inc.

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