Korean Daum Acquires Lycos U.S. (Quote.com)
Two Internet Leaders Team to Propel Lycos Brand
Daum #1 Internet Site in Korea, leader throughout Asia, enters U.S. Market via Lycos acquisition
WALTHAM, Mass., Oct. 6, 2004 -- Daum Communications Corp., the Korean Internet leader, today announced it has completed the acquisition of Lycos, Inc. The transaction, first announced in July of this year, closed today, and includes the Lycos.com site as well as Lycos' popular specialty sites, wired.com, tripod.com, angelfire.com, matchmaker.com, quote.com, and hotbot.com. The sale also includes ownership of the Lycos brand globally excluding Europe. Lycos will continue to operate as a stand alone business entity with its U.S. headquarters in Waltham, Massachusetts.
Daum is the number one Internet site in Korea, and a leader throughout the Asian markets, focusing on community, e-commerce and on-line transaction. Daum brings to the union expertise and successes from its Korean business. With 75% broadband penetration, Korea tops the list of broadband and wireless markets. The new combination will focus on the areas of greatest strengths of the two companies: search, community and web publishing.
In February of this year, Lycos unveiled a new corporate strategy centered on personal connectivity. The strategy was specifically designed to enhance the continuation of its successful subscription services and performance based advertising model. Lycos U.S. achieved EBITDA profitability last year, as the company launched new products and controlled expenses. This summer Lycos launched two new connectivity products, People and Discussion Search, and plans call for more product introductions later this fall.
"The Lycos brand is well known and respected around the world. Acquiring Lycos is a natural next step for us as we venture beyond the Asian market into the leading Internet market of the world," stated Jae-woong Lee, President and CEO of Daum.
"We are enthusiastic about this new union and the synergies it brings for a stronger Lycos. Lycos has a diverse and highly rated portfolio of Internet brands and our successes in the area of Internet community, position us well to build a comprehensive and compelling Internet offering in the U.S. market," stated David Kim, CEO of Lycos U.S.
About Lycos, Inc.
Lycos, Inc. is a wholly-owned subsidiary of Daum Communications, Corp., the leading Internet company in Korea and a leader throughout the Asian markets. Lycos, Inc. has in its portfolio a broad range of highly rated, popular specialty sites including Lycos.com, Angelfire.com, Hotbot.com, Matchmaker.com, Quote.com, Tripod.com and Wired.com. Lycos was acquired by Korean Daum Communications Corp. in September 2004 and has its US headquarters in Waltham, Massachusetts. Daum Communications Corp. is traded on the KOSDAQ: 035720, daum.net.
Lycos® is a registered trademark of Carnegie Mellon University. All other product or service marks mentioned herein are those of Daum Communications Corp., Lycos, Inc. or their respective owners. All rights reserved.
Contacts:
Ana Sanchez
Director - Public Relations
Ana.Sanchez@lycos-inc.com
781-795-3281
Kathy O'Reilly
Lycos
781.370.3454
koreilly@lycos-inc.com |
