[WEB4LIB] NetLibrary evaluates buyout proposal

[Thomas Bennett]

-----Original Message-----
From: owner-nclive-l at ncsl.dcr.state.nc.us
[mailto:owner-nclive-l at ncsl.dcr.state.nc.us]On Behalf Of NC LIVE Help
Desk
Sent: Thursday, November 15, 2001 9:30 AM
To: nclive-l
Subject: netLibrary Update - OCLC Offers to Purchase netLibrary


NC LIVE Community:

OCLC has made an offer to purchase netLibrary. Below is a press release
issued today that describes the offer and proposed relationship.

Please contact the NC LIVE Help Desk if you have any questions.

------------------------------
NC LIVE Help Desk
http://www.nclive.org/
Help Desk e-mail:  help at nclive.org
Help Desk phone:  919-513-0451

------------
OCLC MAKES OFFER TO PURCHASE ASSETS OF NETLIBRARY
Dublin, Ohio, Nov. 15, 2001

Subject to the approval of the bankruptcy court, OCLC Online Computer
Library Center announces that it has made an offer to purchase
substantially all the assets of netLibrary and assume certain netLibrary

liabilities.  netLibrary is a leading provider of eBooks, eTextbooks and

Internet-based content/collection management services.

Concurrently, netLibrary announced that it has voluntarily filed a
petition with the U.S. Bankruptcy Court for the District of Colorado for

relief under Chapter 11 of the U.S. Bankruptcy Code.   The transaction
includes a loan from OCLC, to be repaid upon the consummation of the
asset sale, to fund netLibrary’s on-going operations through the
transition period.  OCLC’s purchase of netLibrary’s assets and its
operating-funds loan to netLibrary are both subject to approval of the
bankruptcy court.

“Electronic books and other forms of electronic content are quickly
becoming strategic drivers in the sharing and advancement of knowledge
in the digital age,” said Jay Jordan, president and CEO, OCLC.  “This
potential alliance with netLibrary would advance our strategic directive

to deliver technologies and services that support, extend and enhance
the OCLC membership cooperative.  eBooks complement our growing
e-journal collection and provide exciting new synergies for our
cataloging, resource sharing, reference and digital preservation
services.”

“Across the OCLC cooperative, there is strong interest in OCLC’s
pursuing an alliance that would continue to make netLibrary’s eBook
collection available,” said William J. Crowe, Chair, OCLC Board of
Trustees.  “Indeed, 14 of OCLC’s 16 U.S. regional network affiliates
have arrangements for libraries in their regions to purchase netLibrary
resources.  The OCLC Board of Trustees has expressed its strong support
for pursuing this proposed alliance with netLibrary.”

“OCLC represents an excellent opportunity for netLibrary patrons,
customers and content partners to continue to deliver the benefits of
eBooks and electronic media to an expanding market.  OCLC and netLibrary

share a common commitment to grow and strengthen the role of libraries
and educators in the digital age,” said Rob Kaufman, president and CEO
of netLibrary.  “We are proud of netLibrary’s role in pioneering the
eBook and eTextbook markets.  A potential alliance with OCLC would
extend the opportunity to reach more patrons, grow catalog content and
provide new and innovative learning opportunities in libraries,
classrooms, homes and offices around the globe.”

netLibrary develops and markets eBooks and MetaText digital textbooks.
eBooks are full-text electronic versions of published books that library

patrons can search, borrow, read, and return via the Internet.  With
netLibrary eBooks, users can access library resources anywhere, anytime,

and perform full-text searches across hundreds of books or within a
specific book to speed research and reference projects.  eBooks can be
viewed online from any location using an Internet browser.  netLibrary’s

catalog now contains approximately 40,000 titles covering a wide range
of subject areas such as business, economics, technology, the social
sciences and more.

netLibrary also markets MetaText digital textbooks, interactive,
web-based textbooks with enhanced teaching, collaborating and learning
tools for teachers and students.  MetaText works with the leading
textbook publishers to transform print textbooks into course-centric
digital textbook learning environments.  The MetaText catalog of digital

textbooks, which includes more than 160 titles, covers topical areas
ranging from Anthropology to Zoology.

About OCLC
Headquartered in Dublin, Ohio, OCLC Online Computer Library Center is a
nonprofit organization that provides computer-based cataloging,
reference, resource sharing and preservation services to 40,000
libraries in 81 countries and territories.  OCLC was founded in 1967 to
improve access to the world’s information and reduce information costs,
and conducts ongoing research to develop technologies to support that
mission.  Forest Press, a division of OCLC since 1988, publishes the
Dewey Decimal Classification system.

About netLibrary
netLibrary <www.netLibrary.com> is the leading provider of eBooks and
Internet-based content management services for the institutional library

market.  netLibrary develops, archives, hosts, and maintains eBook
collections for academic, corporate, public, and school libraries.
Thousands of libraries throughout the United States and internationally
are currently providing netLibrary eBooks to their patrons.  The
MetaText Division <www.MetaText.com> of netLibrary creates, hosts and
manages web-based digital textbooks for leading textbook publishers.
MetaText digital textbooks provide instructors and students with a full
range of interactive teaching, collaborating and learning tools.

-----Original Message-----
From: web4lib at webjunction.org
[mailto:web4lib at webjunction.org]On Behalf Of Sloan, Bernie
Sent: Wednesday, November 14, 2001 9:28 PM
To: Multiple recipients of list
Subject: [WEB4LIB] NetLibrary evaluates buyout proposal



More on netLibrary. This from today's (Wednesday's) business section in the
Boulder paper (The Daily Camera):

http://www.thedailycamera.com/business/14anetl.html

According to the article "An announcement of a possible sale could come as
soon as a day or two." They wouldn't name the company who had proposed to
buy netLibrary.

Bernie Sloan
Senior Library Information Systems Consultant
University of Illinois Office for Planning and Budgeting
338 Henry Administration Building
506 S. Wright Street
Urbana, IL  61801
Phone: (217) 333-4895
Fax:     (217) 265-0454
E-mail: bernies at uillinois.edu