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Technology Stocks : Lycos
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To: Ron who wrote ()5/17/2000 9:43:00 PM
From: OverSold  Read Replies (1) of 2439
 
Bull-Market Report's Take On LCOS/TRRA Deal!2. LYCOS SOLD TO THE SPANISH

Web portal Lycos Inc. (LCOS, $58, down 15) is being acquired by Terra Networks SA of Spain for $12.5 billion in stock. The deal combines one of the most visited networks of Web sites with the telecommunications heft of Telefonica SA, Spain's largest phone company and the parent of Terra Networks. Telefonica has a large presence in Latin America and operates a major wireless network as well. Terra and Lycos also announced a five-year deal with Bertelsmann AG that will provide their customers with online access to the German company's vast portfolio of books, music, television and film. Bertelsmann will buy $1 billion in advertising and other services from the new company, which will be called Terra Lycos. The Lycos network of Web sites is visited by 33 million people per month, including Internet users in Europe and Asia.

COMMENT: This is great for Lycos shareholders and places a high valuation on portal sites. The stock market has always seemed to value them highly, but now there is confirmation. This was welcome news for CMGI (CMGI) as the owner of AltaVista which was going to go public but delayed the event due to poor market conditions. The stock rallied sharply yesterday but gave back 4 today to close at $60.

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