BET, 360hiphop Web Sites Agree On Merger Terms
BET.com and Russell Simmons' 360hiphop.com have finalized the terms of their merger (Bulletin, Aug. 29). Under the deal, 360hiphop.com will be wholly owned by BET Holdings II and its strategic investors Microsoft, Liberty Digital, USA Networks, and News Corp. Investors in 360hiphop.com, which launched
in June, will receive an undisclosed equity stake in the merged entity. The sites will operate independently but will function as one business unit. Simmons has been named vice chairman of BET.com; Scott Mills, COO of BET.com, will manage day-to-day operations for both entities.
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