Rebirth for BabyCenter
Johnson & Johnson took advantage of a fire sale at struggling Internet retailer eToys to acquire parenting-resource Web site BabyCenter for about $10 million. Johnson & Johnson plans to roll BabyCenter into its consumer e-commerce initiatives, but will keep the operation in San Francisco. EToys is in the process of shutting down its Web site.
Ameritrade Signs Veteran
Online brokerage Ameritrade has snared a top executive away from a brick-and-mortar competitor. Joseph Moglia, a senior vice president in Merrill Lynch & Co.s private-client group, has agreed to become the firms chief executive. The signing of an industry veteran is a vote of confidence for Ameritrade, which has seen its shares fall close to 60 percent over the past year.
CyberCash has been forced to call off a planned merger with Network 1 Financial and has filed for bankruptcy protection. Reston, Va.-based CyberCash will lay off 38 of its 138 remaining employees and is looking to sell its operating assets to Network 1.