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Lycos Sold To South Korean Company

Posted by timothy on from the profit-and-loss dept.

maggeth writes "Terra Networks has finally decided to dump its struggling web portal, Lycos, to the South Korean-based Daum Communications Corp. Terra bought Lycos for $12.5 billion and they managed to sell if for $105 million. More details at the story on eWeek."

1 of 212 comments (clear)

  1. nope - this is a different CEO by muyuubyou · · Score: 4, Interesting

    Terra belongs to Telefónica (biggest telecom in Spain, coming from a national monopoly). In year 2000 the CEO was Villalonga (close friends with ex-PM Aznar) whose strategy was expanding through the Americas, thus buying Lycos made sense. Villalonga was expelled by political pressure, since in Spain, american practices like stock options are considered bribery and corruption.

    The new CEO (who has devalued the company substantially) had a completely different approach and Lycos no longer makes sense in the company.