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More woes for Lycos/USA Networks deal

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USA Networks could be about to throw in the towel and admit defeat over its planned acquisition of portal giant Lycos. A report in the Wall Street Journal Interactive claims that USA Networks may ditch plans to buy Lycos, quoting unnamed sources close to the deal. Although the WSJ reports that executives at USA Networks haven't finally made up their minds, they are now starting to concede that they are unlikely to win a vote by shareholders due to take place in July. The shareholder revolt led by CMGI, Lycos' largest stockholder, followed by ranks of shareholders miffed that this high-profile Internet deal would not reap a large premium. A fortnight ago Lycos VP Bo Peabody told The Register that he didn't hold out much hope for the deal. "The deal is still in limbo," said Peabody. "The market will decide if it will go ahead, but it's clear that the market doesn't like it," he said. ®

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