March 11, 1999 11:44
CMGI says new Lycos deal possible in "days"-report
BOSTON, March 11 (Reuters) - CMGI Inc. could announce an alternative merger deal for Lycos Inc. "within several days," the Boston Globe reported on Thursday, quoting the Internet venture capital firm's marketing manager.
CMGI, based in Andover, Mass., owns 18.5 percent of Lycos stock and its chief executive, David Wetherell, resigned from the Lycos board on Tuesday to protest terms of Lycos's merger with units of USA Networks Inc. , which he believes short-changes Lycos shareholders.
CMGI has hired Morgan Stanley Dean Witter & Co. to help it find a better deal for Lycos, and CMGI marketing manager Bill White told the Globe a deal could be in place within days.
News reports have also said CMGI itself could seek to purchase the remaining shares in Lycos.
Oft-cited would-be buyers for Waltham, Mass.,-based Lycos include Time Warner Inc. , CBS Corp. , General Electric Co.'s NBC unit, and Bertelsmann AG.
Neither CMGI nor Lycos could be reached for immediate comment
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