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Yahoo to Buy Broadcast.com

Portal will snap up Web multimedia service in a $5.7-billion stock swap.

Kristi Essick, IDG News Service

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Following a flurry of rumors this week, Yahoo has confirmed plans to acquire Web video and audio content provider broadcast.com in a stock-swap valued at approximately $5.7 billion.

Yahoo, which has been acquiring companies and launching new services in a bid to round out offerings on its mega-portal, said the acquisition will allow it to expand streamed audio and video content. In addition, it will allow Yahoo to provide Web advertisers and business partners with audio and video streaming solutions.

Pending regulatory and shareholder approval, Yahoo expects to complete the acquisition of broadcast.com in the third quarter of 1999.

The two companies will formerly announce the deal at noon eastern standard time.

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