Has The Sale Of Lycos Been Completed?

By Jeremy Muncy - Thu, 07/29/2004 - 08:48

Terra Lycos, a Spanish Internet service provider, is in final talks to sell its U.S. based web portal to a South Korean company.

The Boston Business Journal reported yesterday, the sale to the unnamed Korean company was approved by the board, and that the company is asking $170 million. They reportedly received four bids. According to Battelle, the sale has gone through for an estimated $95 million.

In May 2000, the height of the dot-com craze, Terra Networks offered $12.5 billion for Lycos. Their offer was accepted, Telefonica chief executive Juan Villalonga, predicted the company would become a media powerhouse. In 2002 Terra Lycos wrote off all goodwill on the deal.

Lycos was put up for sale last April with a price tag of $170 million, according to zdnet.com.

Thanks to John Battelle at BattelleMedia.com for breaking this story.

Jeremy Muncy is a staff writer for WebProNews.com