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Silverstar Holdings Ltd - Commo Message Board

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  • rexobXIP rexobXIP Jan 21, 2000 11:04 PM Flag

    kodels 2

    READ SOMETHING MORE RECENT AND
    RELEVENT

    ATLANTA, Dec 20 (Reuters) - Time Warner Inc.'s (NYSE:TWX -
    news) CNN News Group agreed on Monday to take a $20
    million equity stake, roughly 20 percent, in
    Leisureplanet, the flagship subsidiary of Leisureplanet Holdings
    Ltd.

    The deal calls for Leisureplanet to be
    the exclusive travel services provider for ``almost
    all CNN Web sites,'' CNN said in a release.


    Leisureplanet would also become the exclusive travel booking
    sponsor for a new CNN travel show, ``CNN Hot
    Spots.''

    The deal calls for CNN to immediately get slightly
    less than a 10 percent stake in the subsidiary, plus
    the right to a total of no more than 20 percent over
    the
    course of the three-year agreement, which would total a
    $20 million investment, a Leisureplanet spokesman
    told Reuters.

    Separately, Warburg Dillon Read
    and UBS Capital, the investment banking and private
    equity division of UBS AG, plan to invest $20 million in
    the parent
    company Leisureplanet Holdings, the
    travel company said.

    Upon completion, Warburg and
    UBS would each own less than a 5 percent stake in the
    parent company, Kabatznik told Reuters.