AOL, NetGrocer in $15 million Shopping Pact
Page 1 of 1
AOL said it will receive a guaranteed minimum payment of $15 million over the duration of the agreement which runs for three years on the AOL online service and two years on AOL.COM.
AOL will also share in advertising and transaction-related revenues once certain thresholds are met, and will receive warrants to purchase shares in NetGrocer.
NetGrocer is a service designed to let shoppers across the United States purchase non-perishable supermarket items online. Products are available in categories including groceries, pet care, health and beauty and housewares.
"The NetGrocer service embodies AOL's hallmark ease-of-use and convenience--offering a wide array of products consumers need, making it simple to order them, and then delivering them straight to their doorsteps," said Bob Pittman, AOL's president and chief operating officer in a statement. "We expect NetGrocer's offerings to be a big hit with our convenience-minded audience."