Microsoft has completed its acquisition of WebTV Networks, in a deal worth approximately US$425 million in cash and stock.
WebTV will operate as a subsidiary of Microsoft and retain its offices and staff in Palo Alto, California. Steve Perlman will remain CEO of WebTV, managing the subsidiary as a part of Microsoft's consumer platforms division, reporting to senior vice president Craig Mundie.
The new unit will work to combine its WebTV technology for providing access to the Internet over television sets with applications based on Microsoft's Windows CE, which got its start as a derivation of the Windows operating system for handheld PCs.
Microsoft and WebTV announced the deal in early April, at which time it was made subject to government review.
WebTV is at http://www.webtv.com/.