Neiman Marcus names a new chief marketing officer and restructures staff to address the growing importance of e-commerce.
Web portal Excite's Excite@Home media services company has agreed to acquire Bluemountain.com, Boulder, Colo.-based Blue Mountain Arts Publishing Co.'s Web-based greeting card and event-driven commerce services for approximately $780 million in cash and stock.
This acquisition increases the reach of the Excite@Home audience to approximately 34%, an increase of 40%. It also creates electronic commerce opportunities with every greeting card sent and expands Excite's opportunity to generate new subscribers for the @Home consumer broadband service. Under the terms of the agreement, Excite@Home will issue approximately 11 million shares, valued at approximately $430 million, and $350 million in cash. The Redwood City, Calif.-based company will also assume all outstanding employee options. This transaction is expected to close before the end of the year.
Meanwhile, in separate deals, Excite@Home has announced distribution agreements with Internet retailers Proflowers.com, La Jolla, Calif., and Dan's Chocolates, Boulder, as well as with electronic gift-giving functionality provider Lucidity Inc., San Francisco. The three companies will pay Excite@Home a combined minimum of $34 million in advertising fees over a period of three years.