Petteri Pyyny
9 Nov 2000 17:52
CMGI, major internet venture player, who owns AltaVista, etc. is rumoured to pull their investment off from the iCast, a webcasting company that CMGI owns a major stake.
"I've heard that iCast was going to be sold by CMGI or closed," one industry source said.
Many entertainment based web companies have suffered in past couple of months, even more than the average Internet industry which has also taken huge hits since last spring when Nasdaq index started to fall, specially on Net stocks.
For regular Joe Customer, the loss of iCast doesn't mean that much, but somehow it also does. I mean, iCast is one of the major sponsor's of OGG Vorbis project - a project that's been developing totally free alternative for MP3s with better quality and smaller filesizes.