On April 6, 1997, 20 months after WebTV's founding, and only six weeks after negotiations with Microsoft began, during a scheduled speech at the National Association of Broadcasters conference in Las Vegas, Nevada, Craig Mundie announced that Microsoft had acquired WebTV. The acquisition price was US$503 million, but WebTV was so young a company that most of the employees' stock options had yet to be vested. As such, the vested shares at the time of the announcement amounted to US$425 million, and that was the acquisition price announced.