Interactive Network Inc, pioneering interactive television programming in San Jose has won Motorola Inc as a new investor alongside Tele-Communications Inc and General Electric Co’s NBC and the trio has agreed in principle to provide a total of about $20m in financing in the form of a secured convertible loan. The $20m includes a $1m advance consisting of $500,000 from Tele-Communications and $250,000 each from NBC and Motorola, plus the previously announced advance of $3.5m from Tele-Communications and announced $250,000 from NBC. Interactive Network will grant Motorola rights of last refusal and first negotiation to be involved in manufacturing future embodiments of Interactive Network hardware, apart from for the set-top cable boxes.
