Overture’s Market-Leading Commercial Search Results to Appear on CNN.com, CNNSI.com and CNNMoney.com Under Terms of Three-Year Agreement
ATLANTA & PASADENA, Calif.–(BUSINESS WIRE)–Dec. 5, 2002–CNN, a division of Turner Broadcasting System, Inc., an AOL Time Warner Company (NYSE:AOL), and Overture Services, Inc. (Nasdaq:OVER), the world’s leading provider of Pay-For-Performance search to Web sites across the Internet, today jointly announced that CNN has chosen Overture as its exclusive commercial search provider.
Under terms of the agreement, Overture will provide its paid search listings for three of CNN News Group’s Web properties: CNN.com, the No. 1 news and information site on the Web; CNNSI.com; and CNNMoney.com. These three Web properties will add custom search boxes to their home pages, section fronts and story pages, serving Overture’s top five commercial results under the heading, “Sponsored Results.”
As a widely used source of news and information, the CNN.com Web sites average more than one billion page views monthly. Media Metrix and Nielsen NetRatings both reported that CNN.com attracted more than 17 million unique users during each of the months of August, September and October. Separately, CNNSI.com and CNNMoney.com each draw approximately 6 million Internet users per month, according to Media Metrix and Neilsen NetRatings.
“CNN.com is the home page for millions of Internet users, and we are convinced the addition of Overture’s commercial search results will help us build out our news portal and create a more valuable experience,” said David Payne, senior vice president of business operations for the CNN News Group.
Overture’s search listings are generated by its base of 73,000 advertisers who bid for placement on keywords relevant to their business. The company’s editorial team carefully screens these listings before they are distributed to its affiliate partner network, which includes MSN, Yahoo! and Lycos. Overture currently operates Pay-For-Performance search networks in the United States, Canada, United Kingdom, Germany, France and Japan.
“CNN is an organization dedicated to excellence in reporting news and information, and its decision to partner with Overture solidifies our leadership position and commitment to broadening our distribution network,” said Bill Demas, senior vice president and general manager, affiliate business group, Overture.
About CNN
CNN, a division of Turner Broadcasting System, Inc., an AOL Time Warner Company, is one of the world’s most respected and trusted sources for news and information. Its reach extends to 15 cable and satellite television networks; three private place-based networks; two radio networks; wireless devices around the world; 12 Web sites, including CNN.com, the first major news and information Web site; and CNN Newsource, the world’s most extensively syndicated news service.
About Overture
Overture (Nasdaq:OVER) is the world leader in Pay-For-Performance search on the Internet. The company created the market for Pay-For-Performance search by redefining how businesses market online. In the third quarter 2002, Overture facilitated 500 million paid introductions on a worldwide basis between consumers and its approximately 73,000 advertisers, who bid for placement on relevant search results and pay Overture only when a consumer clicks on their listing. Following a rigorous screening for user relevance by Overture’s editorial team, the company distributes its search results to tens of thousands of Web sites across the Internet, including MSN, Lycos and Yahoo! — making it the largest Pay-For-Performance search and advertising network on the Internet. Overture is based in Pasadena, California, with offices in New York and San Francisco, and subsidiary offices in the UK, Germany, Ireland, France and Japan. For more information, visit www.overture.com.
This press release contains forward-looking statements within the meaning of the federal securities laws. These forward-looking statements include without limitation statements that users of the Web properties CNN.com, CNNSI.com and CNNMoney.com will use Overture search results, and that advertisers and businesses will want to participate in Overture’s search results that appear on the Web properties CNN.com, CNNSI.com and CNNMoney.com by seeking enhanced placement in the search results. These forward-looking statements are subject to risks and uncertainties that could cause actual results and events to differ materially. These risks and uncertainties include, among others, that the implementation may not be successful or generate revenue for Overture or yield economic benefits to Overture, the risk that Overture’s advertisers and businesses may not want traffic from the Web properties CNN.com, CNNSI.com and CNNMoney.com, and the risk that users of the Web properties CNN.com, CNNSI.com and CNNMoney.com may not use Overture’s search results. For a discussion of other risks that could cause actual results or events to differ materially from such forward-looking statements, see the discussion of “Risks That Could Affect Our Financial Condition and Results of Operations” in Overture’s 10-Q filing with the SEC for the period ended September 30, 2002. Overture undertakes no obligation to update forward-looking statements to reflect events or circumstances occurring after the date of this press release.
Overture and Pay-For-Performance are servicemarks of Overture Services, Inc.
CONTACT:
Overture Services, Inc.
Al Duncan, 626/685-5714 (Media)
al@overture.com
Laurie Berman, 626/229-5368 (Investors)
laurie.berman@overture.com
or
CNN
Edna Johnson, 404/827-2157
edna.johnson@cnn.com
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