Internet portal Lycos, Waltham, Mass., terminated its proposed merger with USA Networks, New York. The deal, which was announced in February, would have combined Lycos with several USA Networks properties, including Ticketmaster Online-CitySearch, into a company called USA/Lycos Interactive Networks. However, CMGI, Lycos' biggest shareholder, opposed the deal, as did other stockholders who filed a number of class action suits against Lycos. The portal was able to salvage promotional ties with USA, said President-CEO Bob Davis. He said Lycos will receive a "significant" amount of promotion on USA cable networks, branding on 100 million Ticketmaster tickets and access to TicketmasterCitySearch content.
Copyright May 1999, Crain Communications Inc.