Feeds

Lycos/USA Networks deal in limbo, VP says

Top Lycos exec likes the deal but admits the market doesn't

  • alert
  • submit to reddit

Top 10 endpoint backup mistakes

At least one senior executive at Lycos doesn't hold out much hope of the proposed merger between Lycos and USA Networks going ahead. In a frank exchange about the turmoil that has thrown Lycos into the spotlight for all the wrong reasons, VP Bo Peabody touched upon the difficulties of the last two months. "We've had a little hiccup in the ranks," he said referring to the open dissent of Lycos' major shareholder, CMGI, which pledged not to support the deal. "The deal is still in limbo," he said. "The market will decide if it will go ahead, but it's clear that the market doesn't like it," he said. The Register found out back in February that the deal was waiting to be put out of its misery. Things soon got worse when Lycos was hit with a class action lawsuit in March. Lycos stock is currently trading at around $100 15/16 -- after plummeting to the mid $80s in the wake of stockholder unrest -- some level of confidence has returned but it's still a way off the high of $145 3/8 experience earlier this year. Peabody's frankness is in sharp contrast to Lycos' spin doctors' abrasive defence of the whole affair, but his assessment of the situation does not detract from his belief that the deal with USA Networks is a good one. "I think this is a brilliant strategic deal," he said. "And one that is valuable for the company." Last week Lycos became the Web's fastest growing portal dislodging Yahoo! from the top spot with an audience reach of 51 per cent and almost 32 million visitors. Part of Lycos' success is down to its acquisition of Tripod -- the Web community network with more than 3.3 million members -- which was founded by Peabody in 1992. ®

A new approach to endpoint data protection

More from The Register

next story
Amazon says Hachette should lower ebook prices, pay authors more
Oh yeah ... and a 30% cut for Amazon to seal the deal
Philip K Dick 'Nazi alternate reality' story to be made into TV series
Amazon Studios, Ridley Scott firm to produce The Man in the High Castle
Nintend-OH NO! Sorry, Mario – your profits are in another castle
Red-hatted mascot, red-colored logo, red-stained finance books
Sonos AXES support for Apple's iOS4 and 5
Want to use your iThing? You can't - it's too old
Joe Average isn't worth $10 a year to Mark Zuckerberg
The Social Network deflates the PC resurgence with mobile-only usage prediction
Feel free to BONK on the TUBE, says Transport for London
Plus: Almost NOBODY uses pay-by-bonk on buses - Visa
Twitch rich as Google flicks $1bn hitch switch, claims snitch
Gameplay streaming biz and search king refuse to deny fresh gobble rumors
Stick a 4K in them: Super high-res TVs are DONE
4,000 pixels is niche now... Don't say we didn't warn you
prev story

Whitepapers

7 Elements of Radically Simple OS Migration
Avoid the typical headaches of OS migration during your next project by learning about 7 elements of radically simple OS migration.
Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Consolidation: The Foundation for IT Business Transformation
In this whitepaper learn how effective consolidation of IT and business resources can enable multiple, meaningful business benefits.
Solving today's distributed Big Data backup challenges
Enable IT efficiency and allow a firm to access and reuse corporate information for competitive advantage, ultimately changing business outcomes.
A new approach to endpoint data protection
What is the best way to ensure comprehensive visibility, management, and control of information on both company-owned and employee-owned devices?