CNM Update

Itemus files for bankruptcy protectionInternet incubator itemus Inc announced yesterday that it has filed for bankruptcy after failing to raise capital necessary to meet its obligations and continue its operations. Based on the lack of prospects to raise financing, the Toronto-based company's board of directors determined that there was no viable alternative to bankruptcy. Itemus says it was engaged in active negotiations in recent weeks for various forms of financing, the sale of various of its operating subsidiaries as well as its minority interest in numerous private companies to raise funds. Although some sales were made, the company was unable to raise sufficient funds to stay afloat. Itemus Files for Bankruptcy CNM (01/07/25) CNM (01/05/31) Over 14 million Canadians used Internet at home in JuneOver 14 million Canadians used the Internet from home in June 2001, up 18% from June 2000, according to Media Metrix Canada's June 2001 Total Canada at Home Web Use Report. Released last week, the report shows that Canadians are surfing the web from home one more day out of the month, viewing more unique pages (up 38%) and spending more time online (up 48%). A similar comparison from Media Metrix Canada's French-language audience report yields similarly strong results. More details.Biggest jump ever in Internet use in 2000: Statscan surveyInternet use took its biggest jump ever in 2000, dampening speculation that the Internet's popularity may be leveling off, according to Statistics Canada's 2000 Household Internet Use Survey. Released last week, the survey found that 51 per cent of all Canadian households measured had at least one member who was a regular Internet user from one location or another, up from 42 per cent in 1999. This is the fourth year that the survey has been produced, covering 34,000 households. The survey measures Internet use by households from home, work, school, public libraries and various other locations. More details.Fun Key Studios acquires Multimedia InteractifMontreal-based Fun Key Studios Inc, a publicly traded company specializing in software development and live action adventure attractions, has acquired M.M.I. Multimédia Intéractif Inc for $510,000 payable in Fun Key Class A shares. Founded in 1998, MMI develops video games and multimedia content for the mass market. More details.Blue Zone releases latest extension of MediaBZBlue Zone, Inc has released MediaBZ Mobile, the latest extension of Media BZ, its content management and convergence publishing software. MediaBZ Mobile allows MediaBZ customers to use wireless handheld devices to view, create and manage media content. Video, audio, text, graphics, animations and polls can be managed and published directly to multiple platforms, including the Web, interactive television and other wireless devices such as personal digital assistants and Web-enabled cell phones. More detailsUniversal Music buys equity stake in Iceberg Media.comUniversal Music Canada has signed a deal with Iceberg Media.com Inc to allow it to stream Universal's sound recordings, making Iceberg the first Internet broadcaster in Canada to be licensed by Universal. Under a long-term strategic arrangement announced yesterday, the two companies will develop online music initiatives in Canada, including Internet radio channels for Universal's music site www.umusic.ca. As part of the deal, Universal has taken an equity position in Iceberg and has agreed to establish a marketing fund to promote Iceberg's audio channels. More details.Iceberg Media.com narrows loss in Q2 2001 Internet broadcaster Iceberg Media.com Inc's loss for the second quarter of 2001 decreased slightly compared to its Q2 loss in 2000, according to company financial results released last week. Iceberg lost $1,119,000 in the quarter ended June 30 compared to a loss of $1,223,000 in the same period last year. Q2 was the company's most successful quarter to date as it continued to build revenue, which increased $111,000 in the quarter to $168,000 from $57,000 in Q1. The incremental revenue is related to an increase in the number of advertisers on Iceberg's entertainment network and additional corporate radio clients. More details.U.S. Copyright hearings on online music beginThe U.S. Copyright Office opened hearings this week aimed at setting the compensation Internet radio broadcasters must pay for playing music online. The hearings could determine the future of webcasting, particularly whether popular free music services can remain free. More details.Netgraphe revenues increase 58% in quarter ended may 31Montreal-based Internet portal operator Netgraphe Inc last week reported that it generated operating revenues of $6.4 million during the three-month period ended May 31, 2001, a 58 per cent increase over the same period of the previous year. The increase in revenue helped the company cut its operating loss before financial charges, depreciation, amortization, taxes and non-recurring items for the three-month period by $7.7 million over the same period last year to $6.4 million. The quarterly results reflect the Canoe network's operations for the first time since Netgraphe acquired the assets on May 31. In June, Netgraphe announced a change in its financial year-end from August 31, 2001 to May 31, 2001. Audited results for the year ended May 31 will be released shortly. More details.Federal government funds B.C. online learning projectThe federal government's Office of Learning Technologies has announced funding of nearly $112,000 to allow health professionals in British Columbia who work in rural and remote locations to upgrade their skills and acquire qualifications to move into management positions. The project, entitled On-Line Adult Learning: BCIT/UBC Programs in Health Administration, is a joint venture of the British Columbia Institute of Technology and the University of British Columbia to convert and merge their existing courses into an online program that will allow students to complete health management education and training while continuing to work. The total cost of the project is $226,198. More details.Canada joins international effort to thwart Code RedA newly created Canadian government agency joined the international community this week to stop the Code Red worm from crippling the Internet. The Office of Critical Infrastructure Protection and Emergency Preparedness, a branch of the Department of National Defence, issued a warning that Code Red was expected to reactivate today after disrupting a number of web sites around the world last week. The worm has the potential to disrupt business and personal use of the Internet for applications such as e-commerce, email and entertainment. Alerts and Advisories Code Red Cataclysm Due - Feds Code Red: Is This the Apocalypse?

CNM Update

Broadcast | August 1, 2001

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Q&A: Rocket Fund white paper warns youth media industry in ‘crisis’

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