Excite Tables Pogo.com Buy
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Plans to acquire pogo.com have been tabled by Excite@Home.
Last August, Excite@Home announced it would buy the online games provider for an undisclosed sum. At that time, the company reported it was building on consumer broadband applications in key areas, such as games and music.
Excite already had a 10 percent stake in Pogo.com, and was to make it a wholly-owned independent subsidiary.
However, pogo.com was unable to meet certain conditions in the transaction so Excite@Home chose not to proceed with the acquisition, according to Alison Bowman, Excite@Home spokeswoman.
"Our relationship with pogo.com is ongoing," she said. "Excite@Home is retaining its 10 percent equity investment in pogo.com, and pogo.com will still be our premier provider of games."
The breakdown in the purchase talks will not result in financial obligations between the two companies, she added.
In related news, Excite@Home reports it has met its fourth-quarter goals of 25 to 30 percent growth in its worldwide broadband subscriber base.
According to Mark McEachen, executive vice president and chief financial officer, the company ended the year with approximately 2,950,000 subscribers, up from 2,313,000 at the end of the third quarter.