Mar 10, 1997
"Seagate and WebTV Networks are investing in a mutual vision of the future," said Steve Perlman, co-founder, president and CEO of WebTV Networks. "As a leading supplier of information storage and access technology, Seagate is well-suited to enable WebTV to expand its goal in giving consumers from all walks of life unprecedented access to a virtually unlimited sphere of information, entertainment and personal enrichment with the touch of a button from their own living room."
"Working with WebTV Networks is a major step in fulfilling the promise of simple, affordable Internet access for the mass market," said Al Shugart, Seagate chairman, president and CEO. "WebTV's vision has driven the creation of a new product category which seeks to make the Internet experience as accessible and compelling for consumers as broadcast television. We believe Seagate will complement and strengthen that vision, and we look forward to working with WebTV Networks in this dynamic market."
With its low-cost, consumer product approach to the Internet, WebTV Networks and its industry-leading consumer electronics partners are helping to bridge the gap between information "haves" and "have-nots." The potential marketplace for this product within the U.S. is currently the ninety-seven million households with a television, two-thirds of whom do not own a personal computer. Worldwide, the home penetration for PCs is much lower but interest in the Internet is just as strong as the U.S.
According to industry analysts, the types of information cited by households as most important to access from home include educational information, general news, entertainment information, finance and banking, and weather, among many others. WebTV Networks furnishes all of these functions to users in a format that is clear and easy to understand. Seagate views this investment opportunity as one that is core to its mission to deliver the best information and storage management products in the world.
About WebTV Networks
Founded in June 1995 by Steve Perlman, Bruce Leak and Phil Goldman, WebTV Networks Inc. is dedicated to bringing high-quality, affordable Internet access to television consumers through the WebTV Network service and WebTV/Open(tm), its open architecture, end-to-end suite of technologies. Investors in WebTV Networks Inc. include: Seagate, Microsoft, Citicorp, Brentwood Venture Capital, Paul Allen's Vulcan Ventures, Times-Mirror, Washington Post, Verifone, St. Paul Capital, George Soros Capital and Lauder Partners. WebTV Networks is based in Palo Alto, Calif.
About Seagate Technology
Seagate Technology, Inc. is a leading data technology company providing products for storing, managing and accessing digital information. Seagate develops and manufactures some of the industry's most advanced information technologies, including disc and tape storage devices, magnetic recording heads and media, precision motors, data access and management software, and microelectronics. Seagate is the largest independent disc drive and related components company in the world. The company's home page address on the World Wide Web is http://www.seagate.com.
Seagate and Seagate Technology are registered trademarks of Seagate Technology, Inc. WebTV, the WebTV Network and WebTV/Open are trademarks of WebTV Networks, Inc. All other trademarks or registered trademarks are the property of their respective owners.