Go Is Gone, Walt Disney Internet Group In
Go.com, Inc., the Internet group of the Walt Disney Co., has changed its name to the Walt Disney Internet Group. The name change was made to better reflect the new direction of the Internet company, which has moved its focus away from a Yahoo-like portal to a more Disney-geared entertainment destination. The Disney arm has been plagued with problems from the start. In the last quarter, the company reported a net loss of US$272.1 million, including amortization of intangible assets. In more problems, the company was sued by Web portal GoTo.com, which claimed that Go.coms green traffic light symbol was too confusingly similar to GoTo.com logo. In May, Go.com settled the lawsuit, paying GoTo.com $21.5 million and terminated the use of the confusing logo. Insiders say that the decision to change the name of the division was not influenced by the GoTo.com lawsuit, but rather a new branding approach. The company will now be traded under the Nasdaq symbol, DIG.