Fire sale at Lycos - get 99% off!!!

[LeadMagnet]

Article

A Korean Internet company is buying Lycos Inc. and its network of Web sites for $105 million.

Terra Networks SA said on Monday that is it selling the U.S.?based portal operator to Daum Communications Corp., based in Seoul, South Korea, following a competitive process led by investment bank Lehman Brothers Inc.

As previously reported, Terra Networks earlier this year indicated that it was considering alternatives for Lycos.

Terra Networks, based in Madrid and part of telecommunications company Telefónica SA, had bought Lycos in 2000 for $12.5 billion, calling the combined company Terra Lycos.

Lycos' U.S. operations are based in Waltham, Mass., and include such sites as Wired News, Tripod.com, HotBot.com and Angelfire.com.

Click here to read more about HotBot's recent launch of a new search toolbar.

Terra Networks said it will retain Terra Networks USA, which operates a portal for Spanish speakers in the United States, and its stake in Lycos Europe. Lycos will transfer those assets, valued at $435 million, prior to Daum's acquisition.

In a statement, Terra Networks said the sale of the company's strategy of "strengthening its presence in geographical areas in which the Telefónica Group has significant operations and in the Spanish and Portuguese speaking market."

The sale of Lycos is subject to the approval of U.S. regulators.

Article

 

[Orsorum]

WTF

 

[dc]

hah, pwnage.

 

[BaboonGuy]

Oh my god! It's a fire!... sale.

 

[SZLiao214]

Shouldnt this post be moved to hot deals?

 

[JoPh]

lycos stinks any way. go google.

 

[oniq]

Lycos still exists?

 

[LeadMagnet]

how would you like to be an investor that bought in to that at $12,500,000,000 . wow what a lost!

 

[jjones]

Why they bought Lycos for 12.5 billion in 2000 when it was very clearly on its way down and losing what little position it still had as a revenue generating search portal is a mystery to me. IMO its not worth 105 million today either.

 

[thawolfman]

:Q

 

[Turkish]

damn

 

[Chu]

It was 12.5B in some other highly inflated stock. The losses are mostly paper.

 

[Atomicus]

everything must go!