AOL Venture Cuts IPO Target: America Online...

AOL Venture Cuts IPO Target: America Online Latin America Inc., a joint venture between Internet services giant American Online Inc. and Venezuelan media giant Cisneros Group, has cut the price range of its initial public offering to $8 to $10 from $15 to $17, a move badly needed to sell the issue in a weak market for Internet stocks, analysts said. But the price cut revealed by underwriter Salomon Smith Barney Holdings Inc., forced on AOL Latin America because institutional investors showed little interest in the offering, holds no guarantee of success as the company forges into a market dominated by local players who offer free Internet access, analysts said. Fort Lauderdale, Fla.-based AOL Latin America had initially planned to go public in January and to raise as much as $690 million, giving the U.S. Internet giant exposure to foreign markets where it has lagged. At the top of the new price range, the offering, pushed back to later this week or early next week, would raise about $250 million. AOL shares fell $1 to close at $52 on the New York Stock Exchange.