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Viacom launching Net sites
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February 23, 1999: 3:55 p.m. ET
Media firm forming new Net division, plans sites for kids and music fans
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NEW YORK (CNNfn) - Viacom Inc. said Tuesday it will set up a new Internet division and introduce online destinations for kids and music fans.
Viacom (VIA.B) said its MTV Networks will create "Project Nozzle," a working title for children's programmer Nickelodeon's kids-only online service that the company said is the first of its kind; and "The Buggles Project," where MTV and VH1 will create an online music destination featuring entertainment, community online services and e-commerce.
The kids destination is set to be launched in September and the music destination is slated for June launch.
In addition, Viacom will create a new Internet division that will include the new online businesses and will have a satellite office in San Mateo, Calif.
"These new initiatives represent the foundation of an entirely new business for Viacom," Sumner M. Redstone, chairman and CEO, said. "We understand the markets for kids and music better than anyone and are uniquely positioned to build on the special relationship we already have with online consumers through our existing Nickelodeon, MTV and VH1 online brands."
Viacom said Nickelodeon online sites reach more kids 6-14 years old than any other entertainment brand, while MTV.com is the No. 1 music entertainment site.
Viacom was up 1/8 at 86-7/8 in late afternoon trading.
Viacom also announced the acquisition of Imagine Radio, an Internet radio group, as part of its new effort.
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Viacom
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