Although it insisted it wasn’t reducing emphasis on Internet, Dis...
Although it insisted it wasn’t reducing emphasis on Internet, Disney said it would remerge its Disney Internet Group with main company and close Go.com portal. Disney Internet stockholders will get stock of parent company, but group’s management will remain…
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in place, allowing it to operate as separate division of Disney, company said. Go.com will continue to operate on “streamlined” basis for some time, Disney said, in order to allow for transition of its users. About 400 employees will be affected when closing is complete. “The Internet continues to be a central focus of our company’s business strategy,” Disney Chmn. Michael Eisner said, but “the competitive factors that initially compelled us to establish a separately traded class of common stock tied to our Internet operations have fundamentally changed.” Eisner also said company would be able to get maximum benefit from combining its core assets with Internet if Disney Internet were merged back into parent company. Internet Group Chmn. Steve Bornstein said “the Internet environment has continued to shift and change, and therefore our strategies must also change.” He said Disney would continue to invest in Internet properties. Group will continue to operate sites such as Disney.com, DisneyAuctions.com, DisneyStore.com, ESPN.com, NFL.com, ABC.com, others. Disney also said some popular Go.com content and services would migrate to other sites.