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To: Art Baeckel who wrote (21167)	7/27/2000 7:55:01 AM
From: Art Baeckel	Read Replies (1) \| Respond to of 22640

Terra Networks, Lycos reaffirm commitment to deal Reuters Company News - July 26, 2000 16:07 Copyright 2000 Reuters Limited. All rights reserved. Republication or redistribution of Reuters content is expressly prohibited without the prior written consent of Reuters. Reuters shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon. NEW YORK, July 26 (Reuters) - Spanish Internet group Terra Networks SA and U.S. Internet search company Lycos Inc. on Wednesday reaffirmed their "strong commitment" to their planned $12.5 billion merger despite management changes at Terra's parent, Telefonica de Espana SA . Telefonica's embattled Chairman Juan Villalonga stepped down on Wednesday. Cesar Alierta, a Telefonica board member and chairman of tobacco company Altadis , will replace him. Earlier on Wednesday, Telefonica's board reaffirmed its commitment "to carry out all strategic deals which are pending" in an attempt to quell investor concern that Villalonga's departure may scuttle the Lycos deal. Shares of Lycos gained 6 to 65-11/16 on Nasdaq. "Our merger with Terra is on track to create a global powerhouse....Telefonica considers Terra's acquisition of Lycos to be the cornerstone of its Internet strategy to be a global leader, and continues to reaffirm their commitment to the merger," said Lycos Chief Executive Bob Davis. Lycos said it expects the rights offering that Telefonica is committed to underwrite to be accelerated to early September, and we expect the merger to be completed in October. Terra shareholders already approved the merger.