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Technology Stocks : Ticketmaster-Citysearch (TMCS) -- Ignore unavailable to you. Want to Upgrade?

To: blankmind who wrote (421)	3/16/1999 12:20:00 AM
From: blankmind	Respond to of 803

more positive news the lcos deal might die. Dow Jones Newswires -- March 15, 1999 CMGI Has Support To Block Lycos Deal, Boston Globe Reports NEW YORK (Dow Jones)--CMGI Inc. (CMGI) Chairman and Chief Executive David Wetherell believes he has enough support among other Lycos Inc. (LCOS) shareholders to block Lycos's proposed three-way transaction with USA Networks Inc. (USAI) and Ticketmaster Online Citysearch Inc. (TMCS), according to a published report. The Boston Globe on Saturday reported that Wetherell told the newspaper in an interview that "almost every other large institutional investor in Lycos shares his view that the deal doesn't value the portal's shares sufficiently." Wetherell also told the Globe that he believes the transaction would not receive shareholder approval if it were voted on today. Lycos's shares have tumbled 20% since the company last month announced a deal to merge with Ticketmaster Online, which USA Networks controls, and USA Networks' electronic shopping assets, including the Home Shopping Network, to form a new company called USA/Lycos Interactive Networks Inc. Many investors feel Lycos, which would initially receive a 30% stake in the new company, is not getting a fair deal. Wetherell resigned from Lycos's board of directors last week to protest the deal and to seek other options for Lycos. CMGI, Lycos's largest shareholder, owns close 20% of the company. Some have speculated that either CMGI itself or General Electric Co.'s (GE) NBC, which was rumored to also be interested in Lycos, could make bids for the company. According to the Globe, Wetherell said fund managers who control an additional 24.5% of Lycos' shares also oppose the agreement under its present terms. CMGI declined to comment on the report and a Lycos spokesperson said the company cannot comment on the planned transaction with USA Networks, since it is in a quiet period leading up to the shareholder vote, which will be held sometime in May or June. CMGI's shares were up 28 5/8, or 17.5%, at 192 5/8. Lycos's shares were up 7 1/8, or 7.2%, at 105 3/4. And Ticketmaster Online's shares were up 2 1/4, or 6.1%, at 39 3/8. - Joelle Tessler; 201-938-5285 More about Ticketmaster Online Citysearch Inc.: From leading business publications From The Wall Street Journal Powered by Quote Agent® and News Agent® from IDD Information Services Copyright © 1999 Dow Jones & Company, Inc. All Rights Reserved. Personal Path