CMGI's CEO Rallies Support to Nix Lycos Merger, Globe Reports
Bloomberg News
March 13, 1999, 5:53 a.m. PT
Waltham, Massachusetts, March 13 (Bloomberg) -- CMGI Inc.,
the largest shareholder of Lycos Inc., said it's rallied enough
support from other investors to block Lycos' merger proposal with
USA Networks Inc., the Boston Globe reported. Officials at Lycos
and USA Network declined to comment on the remarks by CMGI's
chief executive, David Wetherell. Wetherell, whose CMGI owns
about 18.5 percent of Lycos, said the merger proposal values the
Lycos network, the No. 3 Internet search service, at about $6
billion, which is too low relative to other industry
transactions, the Globe reported.
CMGI said this week that it hired investment banker Morgan
Stanley, Dean Witter & Co. to find buyers other than USA Networks
for Lycos.
(BG A9 3/13 www.boston.com) |
