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Old 11-01-2006, 09:15 PM   #23
MaxFly
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Quote:
Originally Posted by asd
Cuban earned his billions from selling his pet product, a video website, broadcast.com, to YAHOO.
If you check go to broadcast.com, it takes you to yahoo.com because broadcast.com turned out to be a worthless dot com bust. It is regarded as one of the worst business moves EVER made during the dot com era. In other words, Cuban got rich through luck.

Not from my understanding, and wikipedia further backs me up on that.

http://en.wikipedia.org/wiki/Broadcast.com

Quote:
Broadcast.com was a web radio company founded as "AudioNet" in 1995 by Mark Cuban and Todd Wagner.

The company had unassuming beginnings; it was initially co-founded by Mark Cuban as a way to have access to basketball games of his alma mater, Indiana University. The initial setup involved picking up signals from Dallas radio station, KLIF in Cuban's bedroom and broadcasting them to home computers via the Internet.

As the company grew, AudioNet expanded from mainly broadcasting sporting events to broadcasting presidential conventions and many other events.

In May of 1998, AudioNet renamed itself Broadcast.com and on July 17, 1998, Broadcast.com had their initial public offering, setting (at the time) a one-day record for IPOs by rising almost 250% percent from its opening price. The stock closed up at $62.75 per share from their initial trading at $18 per share.

The record IPO made instant financial successes out of the company's employees through stock options, making 100 employees millionaires on paper (although most of them were unable to exercise their options and sell their shares before the stock price dropped) and founders Cuban and Wagner billionaires.

In April 1999, Broadcast.com was acquired by Yahoo! for $5.7 billion in stock and became Yahoo! Broadcast Solutions. Over the next few years Yahoo! split the services previously offered by Broadcast.com into separate services, Yahoo! Launchcast for music and Yahoo! Platinum for video entertainment. Yahoo! Platinum has since been discontinued, its functionality being offered as part of two pay services, AT&T Yahoo! High Speed Internet and Yahoo! Plus.

As of 2006, neither broadcast.com nor broadcast.yahoo.com are distinct web addresses; both simply redirect to yahoo.com.
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