RealTime IT News
U.K. Firm to Invest $400 Million in New Media
By John Lewell
June 07, 2000

[June 7] United News and Media said Wednesday that it expects to invest over $400 million in new media over the next two years.

Based in the U.K., United News and Media announced that it plans to rebrand its subsidiary Miller Freeman U.K. as United Business Media, making it an umbrella company for its magazine publishing, conference and events assets. It is also creating a business unit named eBusinessMedia to control its portfolio of e-commerce interests.

United News and Media will invest between $120 million and $180 million in eBusinessMedia, the unit being headed by Chief Executive Officer Graham Elton and Chief Operating Officer Ethan Stock.

"Most attempts to address the potential of B2B vertical e-markets have come either from technology-focused, start-up businesses which lack a deep insight into the way individual markets work, or from a consortia of major buyers and sellers within a market who have a vested interest in protecting their own market positions," noted Graham Elton.

eBusinessMedia would differ from other players in this sector by maintaining a neutral position between buyers and sellers, Elton said, adding that this approach would create truly effective markets and reduce the total costs of commerce.

"Our target now is to become Europe's number one developer of B2B e-commerce," said Elton.

eBusinessMedia will begin by turning its attention to such vertical markets as agriculture, healthcare, food and pharmaceutical ingredients, print/packaging, interiors, building and construction, music and entertainment, fire/health and safety/security, entertainment technology, travel and venues.

The services will embrace all the main delivery platforms, including WAP, digital TV, broadband, and PDAs.

Among United News and Media's online brands are musicians' resource MusicPlayer.com, Europe's most popular consumer music site Dotmusic.com, and travel portal UTravel.co.uk.