The name chosen by USWeb Corp and CKS Group Inc for their merged internet systems intregration, marekting and consultancy company, Reinvent Communications Inc will have to think again as far as the name goes. Inventa Corp raised objections to the name in a lawsuit and while they think of a new name, the two companies will go by the name USWeb/CKS. The reverse acquisition by USWeb of CKS was announced in early September. The deal valued CKS at $344m on the day it was announced. Proxy statements were mailed to shareholders this week and shareholder meetings for both companies are scheduled for December 16 and the acquisition is expected to close soon after. In addition, the Securities & Exchange Commission has raised objections to USWeb’s practice of recording the entire value of warrants granted to NBC Multimedia Inc in connection with a relationship between USWeb and NBC as operating expenses as stock compensation in the quarter ended June 30. USWeb has now included a portion of the warrants as cost of revenues and consequently increased its net loss in the June quarter to $3.1m and reduced its September quarter loss to $7.3m.
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