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Zap Corp. rethinks Internet strategy

Published on .

Zap Corp., Houston, a subsidiary of Zapata Corp., announced Oct. 15 it was rethinking its Internet strategy. Zap said it will not proceed with its previously announced Internet acquisitions and related transactions.

The company changed its mind after considering how the volatile stock market and global financial markets have had a ``disproportionately negative impact on the Internet sector,'' it said in a statement.

Earlier this year Zap announced it would buy 31 Internet properties and e-commerce businesses. It made an offer to buy Excite and was turned down.

However, Zap said it would continue to run zines Word and Charged, which it purchased from Icon CMT Corp., Weehawken, N.J.

Copyright October 1998, Crain Communications Inc.

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