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Rip Netscape
This Business Week article has the details on the announcement.
The article does mention that the Netscape team will apparently continue to manufacture browser-based software... but that this will no longer be as a distinct browser product.
Instead, they are choosing to develop Netscape.COM into a Time-Warner media portal of some type. Interesting comments at the end of the report about AOL working to integrate a "choose-your-browser" function into their interface.... but you have to wonder now what most folks will have to choose from.