David Wetherell, chairman-CEO of CMGI, Andover, Mass., resigned today from the board of Lycos, calling into question the Internet portal site's proposed merger, pending stockholder approval, with USA Networks, New York. CMGI is the largest shareholder in Framingham, Mass.-based Lycos, and Mr. Wetherell's resignation is a way of protesting the terms of the USA deal, which many stockholders view as unsatisfactory. "After further consideration, it is my opinion that the terms of the USA-Lycos transaction are inadequate for Lycos shareholders," Mr. Wetherell said in a statement. "As such, I am resigning from the Lycos board in order to be free to explore the best options available to Lycos shareholders, including the possibility of Lycos remaining independent."
Copyright March 1999, Crain Communications Inc.