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NBC to stake in Quokka
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August 22, 2000: 6:15 p.m. ET
Network agrees to buy 10M shares; NBC/Quokka to cover Olympics online
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NEW YORK (CNNfn) - NBC agreed Tuesday to take a more than 22 percent stake in Quokka Sports Inc., an online provider of sports entertainment, which caused Quokka's shares to surge over 40 percent in aftermarket trading.
The network, a subsidiary of General Electric Co. (GE: Research, Estimates), agreed to buy up to 10 million Quokka shares at $8.89-to-$20 a share, pegging the deal at $140.8 million, the mid-point of the range. NBC can purchase the shares over the next three and a half years. The network will also have the right to appoint a director to Quokka's board.
 NBC is televising the summer Olympics. The network and the San Francisco-based Quokka Sports (QKKA: Research, Estimates) also are providing Internet coverage of the 2000 Summer Olympics in Sydney, Australia, through NBCOlympics.com.
The online provider of sports entertainment will also be providing Internet coverage, with NBC, of the 2002 Winter Olympics at www.saltlake2002.com.
Quokka gained 3-5/32 to 9-29/32 in aftermarket trading Tuesday. 
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