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WHEN YOU WISH UPON A STARWAVEWHEN IN DOUBT, BUY 'EM OUT. With Rupert Murdoch and others eyeing investments in Internet ventures, Walt Disney has decided to go first. Disney is buying into Paul Allen's Starwave in a deal that could give the entertainment conglomerate full control of the new-media content company that runs nine sports- and entertainment-related Web sites. Paying an estimated $10 million, Disney is buying about a 5% stake in Starwave, with options to buy out Allen's controlling stake within five years. Disney will also take over Starwave's operations and control the seven-person board. The two companies are already in business together: Starwave and Disney's ESPN unit jointly created ESPNET SportsZone. Disney's ABC unit is also in league with Starwave: Along with America Online and Netscape Communications, they're planning to launch ABCNEWS.com, a 24-hour news service.
EDITED BY KELLEY HOLLAND
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Updated June 15, 1997 by bwwebmaster
Copyright 1997, by The McGraw-Hill Companies Inc. All rights reserved.
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