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CMGI reports widening loss, plans to sell NaviSite

Published on .

Andover, Mass.--CMGI Inc. posted a fiscal second-quarter net loss of $2.6 billion, compared with a net loss of $186 million in the same quarter a year earlier. CMGI, which invests in and manages start-ups and technology firms, said its second-quarter revenue more than doubled to $343 million, compared with $153 million in the year-earlier quarter. CMGI also announced that it has retained Goldman Sachs & Co. to sell its b-to-b Web hosting unit NaviSite Inc. CMGI said it expects to exit fiscal 2001 with a war chest of some $500 million, excluding any cash balances coming from a NaviSite sale.
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