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Thursday, October 12, 2000

BET FINALIZES PURCHASE
OF 360HIPHOP.COM

by

Marc Pollack

Network Chooses Not To Super-Size It, Finds No Ketchup, No Straw In Bag On Car Ride Home
BET.com has finalized its move to purchase Russell Simmons' 360hiphop.com in an equity deal, the company said Wednesday (10/11). While terms of the pact were not disclosed, talks between the companies had been ongoing and an accord was expected.

The deal will give 360hiphop.com access to traditional media channels such as BET's cable network, while BET.com will be provided with additional urban content and Simmons' name recognition.

"They have great resources, a great team and great management," said hip-hop legend Simmons. "We saved a lot of money and got more access and combined traffic."

Both BET.com and 360hiphop.com sites will remain independent with separate content but will function as one business unit to save on costs and leverage assets more efficiently.

TAGS: Marc Pollack
 
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