| BUSINESSWEEK ONLINE : APRIL 26, 1999 ISSUE | ||||||||
| ||||||||
 | ||||||||
| INFORMATION TECHNOLOGY
The PointCast Saga 1992 Chris and Greg Hassett form PED Software to make software allowing users to personalize content and data offered online. FEBRUARY, 1996 Service is launched as PointCast. Users download software and use it to customize information from the Net. FEBRUARY, 1997 PointCast reaches a tentative agreement to be acquired by News Corp. for $450 million. But the deal dies by March. JUNE, 1997 Chris Hassett is pushed out, and a search for a new CEO is launched. PointCast's technology is losing momentum because of poor performance. OCTOBER, 1997 David Dorman, the CEO of Pacific Bell, becomes PointCast's chairman and CEO. He immediately begins work on the technical and image problems. AUGUST, 1998 Dorman begins negotiating to sell PointCast to a group of Baby Bells and Microsoft. The consortium's goal: a high-speed, broadband service to compete with At Home. DECEMBER, 1998 A letter of intent is signed by all parties. The consortium would put up some $400 million for the new venture and buy PointCast for about $100 million. MARCH, 1999 Frustrated by endless delays, Dorman resigns to head AT&T/British Telecom venture. Two weeks later, the consortium notifies PointCast that their venture is dead. APRIL, 1999 PointCast lays off nearly a third of its 220 employees, and Chris Hassett, among others, launches a bid to take control of the company. _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ BACK TO TOP |
|  |
 | |
PointCast: The Rise and Fall of an Internet Star INTERACT E-Mail to Business Week Online | |||
