Date: 4th December 2000
Microsoft cofounder Paul Allen is investing an additional $100 million in the women's TV channel Oxygen Media, the New York Times reported today (Monday).
The newspaper said that Allen's investment -- it is the second $100-million stake Allen has taken in the channel -- will greatly increase Oxygen's chances to become profitable.
At the same time, Oxygen founder Geraldine Laybourne told the Times that she expects to announce that the channel will scale back its Internet business.
Source: Studio Briefing