Shareholders approve Infoseek acquisition

Disney shareholders on Wednesday approved the media giant’s planned spinoff of its Internet assets into a separate publicly traded company called

As expected, stockholders also approved the Walt Disney Co.’s acquisition of Internet search engine Infoseek Corp., which paves the way for creating

Infoseek will be combined with Disney’s Buena Vista Internet Group to form the single Internet venture.

Disney said 97% of shareholders approved the plan, while 93% approved the acquisition of Infoseek.

In July, Disney said it would acquire the remaining 58% it didn’t already own of Infoseek. It planned to combine, its joint Internet portal, with other Web sites and take them public on Wall Street.

Shares of the new common stock, which will track the performance of, will begin trading on the New York Stock Exchange today.

Popular portal has become a popular Internet portal that combines Infoseek’s search engine with content from Disney movies and theme parks, ABC television and ESPN sports.

Disney is hoping to broaden its efforts on the Web to capitalize on its brands.

Under fire has been under fire all week for the design of its green and yellow traffic light logo. A Los Angeles judge last week ruled that the logo, unveiled last year in a major branding campaign, was too similar to Pasadena-based search engine’s logo, which bowed in 1997.

Shares of Disney were off 13ยข to close at $26, while Infoseek benefited from the acquisition, surging $3 to close at $37.88, a gain of 8%.

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