DVD EXPRESS Rolls Into AOL
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Over the three-year term of the agreement, AOL said it will receive guaranteed payments totaling $15 million, and will be eligible for a share of revenues generated by DVD EXPRESS once certain revenue thresholds specified in the agreement have been met.
AOL will also receive warrants to purchase shares in the online digital video retailer.
Under a separate, one-year, $1 million agreement, DVD EXPRESS will have a presence on the CompuServe service, an AOL subsidiary.
"DVD EXPRESS's proven track record as a DVD retailer and their strong commitment to customer service make them a great fit for all of our brands--AOL, AOL.COM, Digital City and CompuServe," said Bob Pittman, president and COO of America Online Inc. "Our goal is to provide AOL and CompuServe members, and visitors to our Web brands, with the best in value and convenience, and DVD EXPRESS fits the bill."