In its second-largest acquisition, Amazon buys the company for $970 million.
After weeks of rumors that America Online would sign a marketing agreement with Wal-Mart Inc., AOL has announced a cross-marketing deal with electronics retailer Circuit City. The pact includes in-store promotions of AOL services to Circuit City customers in exchange for AOL promoting Circuit City on its shopping site.
Under the agreement, AOL products and services will be prominently featured in Circuit City's 615 stores nationwide. The two companies expect to begin rolling out the program by spring 2000. In addition, Circuit City will promote AOL services in print and television ads and in other promotional campaigns.
"By combining the strengths of our two great consumer brands, we will make AOL's interactive services even more convenient and easy for people to take full advantage of AOL's industry-leading interactive services," said Bob Pittman, AOL president and COO.