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July 26, 1998

THEGLOBE.COM TO FILE FOR IPO

By CBR Staff Writer

Online community company TheGlobe.com has become the latest to file for an initial public offering of common stock. Santa Monica, California-based rival GeoCities Inc filed documents with the Securities and Exchange Commission on June 15 for a $72m IPO. TheGlobe’s ambitions are slightly more modest: it aims to raise only $50m. The company last scouted for cash in 1997, persuading noted private investors Michael Alamo Rent-a-car Egan, Bob Raychem Halperin and Dave Peoplesoft Duffield to cough up $20m that time around. Headquartered in New York, TheGlobe claims it has 6 million unique users and 1.7 million members signed for its web publishing, chat and email services. Bear Stearns & Co is the lead underwriter, with Volpe Brown Whelan & Co to co-manage the float. With hindsight it’s clear that TheGlobe has been gearing itself for this announcement for some time. It recently appointed a new chief financial officer, Frank Joyce, former CFO of the Reed Travel Group division of Reed Elsevier Plc.

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