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After the successes of Compton's Multimedia Encyclopedia (1989) and The New Grolier Multimedia Encyclopedia (1992),[6] Microsoft initiated Encarta by purchasing non-exclusive rights to the Funk & Wagnalls Encyclopedia, incorporating it into its first edition in 1993. (Funk & Wagnalls continued to publish revised editions for several years independently of Encarta, but then ceased printing in the late 1990s.) Previously having been referred to by the codename "Gandalf,"[7][8][9][10] the name Encarta was created for Microsoft by an advertising agency.[11] Microsoft had originally approached Encyclopжdia Britannica, the gold standard of encyclopedias for over a century, in the 1980s, but it declined, believing its print media sales would be hurt; however the Benton Foundation was forced to sell Encyclopжdia Britannica, Inc. at below book value in 1996 when the print sales could no longer compete with Encarta and the Microsoft distribution channel which focused on bundling [12] copies with new computer systems.[ In the late 1990s, Microsoft bought Collier's Encyclopedia and New Merit Scholar's Encyclopedia from Macmillan and incorporated them into Encarta. Thus the current Microsoft Encarta can be considered the successor of the Funk and Wagnalls, Collier, and New Merit Scholar encyclopedias. None of these formerly successful encyclopedias remained in print for long after being merged into Encarta. Microsoft introduced several regional versions of Encarta translated into languages other than English. For example, the Brazilian Portuguese version was introduced in 1999 and suspended in 2002.[14] The Spanish version is somewhat smaller than the English one, at 42,000 articles. In July 2006, Websters Multimedia, a Bellevue, Washington subsidiary of London-based Websters International Publishers, took over maintenance of Encarta from Microsoft.[15] The last version is Encarta Premium 2009, released in August 2008.[1] Microsoft announced in March 2009 that it would cease to sell Microsoft Student and all editions of Encarta Premium software products worldwide by June 2009, citing changes in the way people seek information and in the traditional encyclopedia and reference material market as the key reasons behind the termination.[3] Updates for Encarta were offered until October 2009.[3] Additionally, MSN Encarta web sites were discontinued around October 31, 2009, with the exception of Encarta Japan which was discontinued on December 31, 2009. Existing MSN Encarta Premium (part of MSN Premium) subscribers were refunded.[3] Encarta's closing is widely attributed to competition from the much larger online encyclopedia Wikipedia.[16][17][18]