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Webcaster Yes says no to slump, cuts valuation

Stock fluctuations cause 'Net startup to rethink IPO

LONDON — After market tremors among high-tech stocks, video-on-demand Webcaster Yes will slash its valuation by around 25% to £460 million ($690 million) as it goes public in London in late May.

The price, to be confirmed this week, will seek to avoid an overvaluation and the kind of post-flotation slump that has recently hit stocks such as LastMinute.com, an e-tailer and ticket broker.

Stock concerns

Yes TV, a startup that aims to offer a range of digital services over the Web, was due to float in April, but called off the public offering because of market turbulence.

Part-owned by Warner Bros. and Disney, Yes TV will now seek to reap around $220 million from the issue, rather than a planned $290 million.

Company is testing VOD via British Telecom lines in parts of London and aims to roll out a national service with BT in the fall.

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