December 4, 1997

From CNET's News.com:

...financial troubles within the Wired empire have been widely publicized for some time. The company's losses ballooned to $42.8 million in the first nine months of 1996, according to documents filed with the Securities Exchange Commission, and its digital operations are still in the red.

Last year, Wired Ventures failed twice in efforts to make an initial public stock offering. In addition, Wired Ventures cut 33 positions from its Wired Digital unit last month as part of its goal to become profitable by late 1998.