shareholders approved a realignment that gives AT&T Corp. a 25% ownership stake and 74% voting interest in the Web portal and broadband Internet service. AT&T formerly owned 24% of Excite, with a 56% voting interest. AT&T executives now take up six of the 11 board seats. "This is all about extending the reach and accelerating the availability of the Internet," AT&T Chairman-CEO C. Michael Armstrong said in a statement. "Working together, [email protected]
and AT&T will bring high-speed Internet services to millions of homes and businesses and seize a great growth opportunity." As announced in March, Excite has extended its broadband cable distribution deals with AT&T through 2008 and Comcast Corp. and Cox Communications through 2006. Excite also will work with AT&T to deliver advanced TV and wireless services. Three cable executives left Excite's board in the restructuring: John Malone, chairman of Liberty Media Group; Brian L. Roberts, president of Comcast; and David Woodrow, exec VP-business development at Cox.
Copyright August 2000, Crain Communications Inc.