Bertelsmann to Become DealTime’s Largest Shareholder
London UK - January 25, 2001 - DealTime, the world’s leading comparison-shopping site today announced that DealTime Europe will become a wholly owned subsidiary of DealTime.com Ltd., the parent company, subject to shareholder approval.
Current investor DirectGroup Bertelsmann, the world’s second largest enterprise in the media direct-to-customer business with 50 million customers, will receive an increased stake in DealTime.com Ltd. as part of the restructure. Reinhard Liedl, Chief Financial Officer of DirectGroup Bertelsmann, will join Klaus Eierhoff, Chairman of DirectGroup Bertelsmann and board member of Bertelsmann AG, as an additional DirectGroup representative on DealTime’s board of directors.
Last spring, DealTime.com Ltd. acquired evenbetter.com and created a joint venture with Bertelsmann to form DealTime Europe in which Bertelsmann held a significant stake. As part of that deal, Bertelsmann also held a smaller interest in DealTime’s parent company.
"This move allows us to become even more efficient by streamlining both our operations and our board of directors," said Dan Ciporin, president and CEO of DealTime. "In a global marketplace, it also simplifies the revenue share or financial calculations associated with strategic partnerships or acquisition deals across a number of subsidiaries."
"We believe it is the e-businesses that are part of a strong and international multichannel-network which have the best chance to succeed," said Klaus Eierhoff. "We believe that our deepened relationship with DealTime and this realignment will further strengthen the company and position it as the clear worldwide leader among its competitors. As the second largest global player in e-commerce with a particular interest in media products, this investment makes a lot of sense for Bertelsmann."
DealTime, the world’s leading online comparison shopping service, is the best single source for finding what, where and how to buy almost anything, anytime from anywhere. Through its Web site, www.dealtime.co.uk, DealTime empowers consumers to compare models, features, brands, and prices at merchants and manufacturers across the Web. DealTime's robust, scalable technology further benefits consumers by providing highly relevant search results and the ability to deliver information through web-enabled mobile phones. At the same time, DealTime offers sellers lowered customer acquisition costs and increased merchandising opportunities with qualified buyers. DealTime is a multi-national private company, venture-backed by key strategic and financial partners worldwide including Bertelsmann, America Online, Time Warner, Bank of America, Singapore Telecom and others. Visit www.dealtime.co.uk in the United Kingdom, www.dealtime.com in the US, www.dealtime.de in Germany and www.dealtime.co.jp in Japan.
DealTime and DealTime.com are registered trademarks of DealTime.com Ltd.
About DirectGroup Bertelsmann
DirectGroup Bertelsmann has been directing the end customer businesses of Bertelsmann AG since July 2000. The Group, next to Content and Services, is one of the three supporting pillars of Bertelsmann’s overall strategy. With a total of about 50 million customers and members, the DirectGroup comprises the book and music clubs worldwide as well as the global e-commerce businesses. Bertelsmann is the global market leader with respect to media clubs and, with BOL, CDNow and BN.com, is the number two worldwide with respect to media e-commerce activities. Dr. Klaus Eierhoff heads the DirectGroup, whose total revenues for fiscal year 2000/01 are projected to be approximately DM 7 billion. With 13,000 employees the division is active in 24 countries.
As the world’s most international media enterprise, Bertelsmann commands leading positions in the global media and entertainment industries. The Bertelsmann Group consists of publishing and music companies, book and music clubs, magazines and newspapers, television and radio stations, print and media service providers, multimedia and professional information companies represented by such brands as Random House, BMG, Gruner + Jahr and RTL. Bertelsmann is the world’s largest general-interest publisher and the biggest English-language publishing house worldwide. Bertelsmann book and music clubs are number one worldwide. Through RTL Group and Gruner + Jahr, the company ranks first in the European broadcasting and magazine sectors, respectively. The organization currently employs 76,000 people in 54 countries and posted 32,4 billion DM in total revenues in the 1999/00 financial year ended June 30, 2000.
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