Lycos Europe Fails to Find Buyer; Will Shut Down

Authored by Mark Hefflinger on November 26, 2008 - 7:06am.

Haarlem, The Netherlands - Lycos Europe, the portal and Web hosting service, said on Wednesday that it has concluded a strategic review process and will shut down operations and seek a sale of remaining assets. The company is separate from Lycos in the U.S., and was launched as a joint venture between Telefonica's Terra and Bertelsmann.

"As a result of this strategic review process the Management Board and the Supervisory Board of Lycos came to the conclusion that the best available option of the company is to (i) strive for a sale of its domains, Danish portal and shopping activities and (ii) to discontinue the portal and webhosting activities," the company said.

Lycos Europe will also return about $60 million to its shareholders.

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