NetNames managing director Ivan Pope has severed his ties with Webmedia in what is reported to be a friendly demerger. Pope now has full control of the Internet address specialist NetNames, but no stake in Webmedia, the Web design company he co-founded with Steve Bowbrick.
Speaking about the split, Pope said: "Trying to run both companies within the same organisation was causing some problems. We essentially had different parts to play in the industry." Bowbrick confessed the demerger went ahead because it was becoming "more difficult to reconcile the different marketing and investment needs of the two businesses".
Over the last year, Webmedia has revamped its image from Web design company to Web agency, taking on a number of diverse roles. Riding on the crest of a wave in August 1996, it sold an 11 per cent stake in Maurice Saatchi's interactive solutions company, Megalomedia. In the restructure, Megalomedia has increased its stake from 18.5 per cent 43.7 per cent.
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