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April 8, 1997updated 05 Sep 2016 12:56pm

MICROSOFT AGREES TO PAY $425M FOR WEBTV NETWORKS

By CBR Staff Writer

Microsoft Corp sprung another surprise on Sunday, saying it would acquire privately-held WebTV Networks Inc for about $425m in cash and shares. WebTV’s unique selling proposition is its design for a television set-top box that enables people to use their televisions for Internet access and send and receive electronic mail, with Philips Electronics NV and Sony Corp currently making the boxes (CI No 3,134), which also include credit card reader to enable users to shop over the Internet. WebTV, based in Palo Alto, will operate as a unit of Microsoft, which was already an investor alongside Seagate Technology Inc, Paul Allen’s fund and two newpaper groups.

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