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AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON MARCH 27, 2000
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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): MARCH 27, 2000
NBC INTERNET, INC.
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(Exact name of registrant as specified in its charter)
Delaware 000-27899 94-3333463
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(State or other jurisdiction of (Commission (IRS Employer
incorporation) File Number) Identification No.)
225 Bush Street
San Francisco, California 94104
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (415) 288-2500
N/A
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(Former name or former address, if changed since last report)
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ITEM 5. OTHER EVENTS.
On March 27, 2000, the Registrant issued a press release, a copy of
which is attached hereto as Exhibit 99.1 and incorporated herein by
reference.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(c) Exhibits
99.1 Press Release issued by the Registrant dated March 27, 2000
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
NBC INTERNET, INC.
Date: March 27, 2000 /s/ John Harbottle
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John Harbottle, Executive Vice President
Finance and Chief Financial Officer
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MARCH 27, 2000
NBC INTERNET INC. (NBCi) APPOINTS WILLIAM J. LANSING AS CHIEF EXECUTIVE OFFICER
HIGHLIGHTS:
- - Chris Kitze Appointed Vice Chairman
SAN FRANCISCO, MARCH 27, 2000 - NBC Internet, Inc. (Nasdaq: NBCI) announced
today that William J. Lansing, 41, former Chairman and CEO of Fingerhut
Companies, Inc. and a former senior executive at General Electric (NYSE: GE),
has been appointed Chief Executive Officer, succeeding Chris Kitze, who has
been appointed Vice Chairman. The announcement was made by NBCi Chairman, Bob
Wright. Lansing will be responsible for all aspects of NBCi's operations,
including the strategic direction of the company, its day-to-day operations
and its financial operations. He will also be responsible for building the
company's business through acquisitions, partnerships and alliances.
NBCi is a leading Internet media company connecting buyers to sellers through
premier information, entertainment and e-commerce services. NBCi's current
suite of Internet properties include the flagship Snap portal service
(www.snap.com), the newly-launched NBCi.com broadband portal, XOOM.com,
NBC.com, VideoSeeker (www.videoseeker.com) and NBC Interactive Neighborhood
(www.nbcin.com). "Will Lansing's background makes him a perfect fit for
NBCi," said Wright. "When Chris Kitze came to us and said he wanted to
relinquish his operating responsibilities and take a larger role on the Board
of Directors, we immediately thought of Will, who understands how to grow
companies and reach new markets. He turned around Prodigy, moved Fingerhut
into the Internet space, and was a pioneer in interactive marketing at
McKinsey. I've known Will for years, including his time at GE, and am
confident that he will help accelerate NBCi's growth, build our brand, and
find new ways to connect users and customers to our partners.
"We understand Chris's desire to take on new challenges," Wright continued.
"As the co-founder of direct e-commerce company XOOM.com and NBCi's first
CEO, Chris has done a wonderful job in integrating the company's assets and
making NBCi one of the Internet's most popular sites. We expect that he will
be an active Vice-Chairman and we will continue to benefit from Chris'
visionary skills that helped to build NBCi into a truly integrated media
company with broadband, direct e-commerce, international and
business-to-business strengths.
"With its strong brands, well-integrated platforms and huge customer base,
NBCi has the potential to become one of the great success stories of the
Internet. Looking ahead, we will leverage the company's tremendous assets,
including the NBC brand, its relationship with GE and NBCi's existing
customer data base and direct e-commerce expertise," said Lansing. "No other
company can lay claim to this differentiated opportunity of bringing together
the best of the Internet, traditional media and e-business. No one on the
Internet has a better understanding of its customers than NBCi and I know
that we can take advantage of this knowledge to deliver greater value for our
partners, customers and shareholders." "I am proud of what we have
accomplished at NBCi and I am excited that someone of Will Lansing's
capabilities is taking on the company's CEO responsibilities," said Kitze.
"In just a short time, NBCi has grown to be the seventh-most visited Web
site, serving over 18 million registered members and customers. We have
created a unique way for partners to reach customers via television, radio
and both broadband and narrowband Internet and I know that Will Lansing will
continue to propel NBCi into a leadership position on the Web. I look forward
to working closely with Will to take NBCi to the next level." Until last
Thursday, Lansing had been Chairman and CEO of Fingerhut Companies, Inc., a
wholly-owned subsidiary of Federated Department Stores (NYSE: FD) and a $2
billion revenue direct marketing company. Lansing is credited with building
Fingerhut into an e-commerce and e-fulfillment leader, servicing such clients
as Wal-Mart.com and Intuit. While at Fingerhut, he led the company's venture
capital investments in numerous Internet companies, incubating them with
fulfillment support, marketing and traffic-driving promotion. Prior to that
he was Vice President Corporate Development at General Electric, where he
served as the top business development officer, reporting to GE Chairman Jack
Welch, who also sits on the board of directors of NBCi.
<PAGE>
Lansing was also Chief Operating Officer of Prodigy, Inc., where he oversaw
the day-to-day operations of that online service company and led the
management buyout of the company from Sears and IBM. He was also a Principal
of McKinsey & Company, where he was a leader in the firm's Internet practice.
Lansing, who began his career as a lawyer, received his J.D. degree, cum
laude, from Georgetown University Law School. He received a B.A. from
Wesleyan University in Middletown CT. He is on the board of directors of
numerous Internet-related companies, including Net Perceptions (Nasdaq:
NETP), Digital River (Nasdaq: DRIV), Select Comfort (Nasdaq: SCSS),
Freeshop.com (Nasdaq: FSHP), Bigstar.com (Nasdaq: BGST) and Perfect.com.
ABOUT NBC INTERNET, INC.
NBC Internet, Inc. (NBCi), a branded global
integrated media company, commenced operations in November 1999. NBCi
integrates major media platforms, including Internet, broadcast and cable
television and radio, to deliver powerful ways for partners to connect with
users and customers. NBCi's flagship mass media consumer Web site, Snap
(www.snap.com), provides a comprehensive online experience to users worldwide
via Internet search and directory, community, shopping, e-commerce,
multimedia and entertainment services across all bandwidths. In February
2000, NBCi launched NBCi.com, a multimedia portal for broadband and
high-speed users.
NBCi was created through the combination of Snap, XOOM.com,
NBC.com-Registered Trademark-, NBC Interactive Neighborhood, VideoSeeker and
a 10 percent equity stake in CNBC.com. NBC Internet publicly trades under the
ticker NBCI on The Nasdaq Stock Market. NBC, a subsidiary of General Electric
Company, holds a 43.9 percent ownership stake in NBCi and brings to the
venture the storied heritage of 70 years of branded media and technology
innovations. NBCi is headquartered in San Francisco and has offices in New
York City, Los Angeles, Chicago and Paris, France. For more information about
NBCi and its constituent Internet services, please see the NBCi corporate Web
site at http://www.nbci.com/corporate.
This press release contains statements that are forward-looking. These
statements are based on NBCi's expectations of its future results as of the
date of this press release. Actual results may differ materially from those
projected because of a number of risks and uncertainties, including those
listed from time to time in NBC Internet Inc.'s SEC reports, including but
not limited to the Registration Statement on Forms S-1 and S-4 filed by NBC
Internet, Inc., as amended. Important factors that could cause the results to
differ materially from those in any such forward-looking statements include:
NBCi's limited operating history; unpredictability of its quarter-to-quarter
results; its unproven business model and dependence on members; risks
associated with its international operations; its reliance on a network
infrastructure; its dependence on vendors and suppliers; management of its
growth and expansion; risks associated with brand development; its reliance
on advertising revenue; intense competition with other Web communities and
businesses; the risks of infringement of intellectual property rights; risks
associated with acquisitions; and reliance on strategic relationships
MEDIA CONTACTS:
Robert Silverman, NBCi Corporate Communications, 212/664-2756,
[email protected]
Lauren Lum, NBCi Corporate Communications, 415/875-7979,
[email protected]
INVESTOR CONTACT:
Samantha Lee, NBCi Corporate Communications, 415/772-1734,
[email protected]
