Korean Daum Acquires Lycos U.S. Two Internet Leaders Team to Propel Lycos Brand
Daum #1 Internet Site in Korea, leader throughout Asia, enters U.S. Market via Lycos acquisitionWALTHAM, Mass., Oct. 6, 2004 - Daum Communications Corp., the Korean Internet leader, today announced it has completed the acquisition of Lycos, Inc. The transaction, first announced in July of this year, closed today, and includes the Lycos.com site as well as Lycos' popular specialty sites, wired.com, tripod.com, angelfire.com, matchmaker.com, quote.com, and hotbot.com. The sale also includes ownership of the Lycos brand globally excluding Europe. Lycos will continue to operate as a stand alone business entity with its U.S. headquarters in Waltham, Massachusetts. Daum is the number one Internet site in Korea, and a leader throughout the Asian markets, focusing on community, e-commerce and on-line transaction. Daum brings to the union expertise and successes from its Korean business. With 75% broadband penetration, Korea tops the list of broadband and wireless markets. The new combination will focus on the areas of greatest strengths of the two companies: search, community and web publishing. In February of this year, Lycos unveiled a new corporate strategy centered on personal connectivity. The strategy was specifically designed to enhance the continuation of its successful subscription services and performance based advertising model. Lycos U.S. achieved EBITDA profitability last year, as the company launched new products and controlled expenses. This summer Lycos launched two new connectivity products, People and Discussion Search, and plans call for more product introductions later this fall. "The Lycos brand is well known and respected around the world. Acquiring Lycos is a natural next step for us as we venture beyond the Asian market into the leading Internet market of the world," stated Jae-woong Lee, President and CEO of Daum. "We are enthusiastic about this new union and the synergies it brings for a stronger Lycos. Lycos has a diverse and highly rated portfolio of Internet brands and our successes in the area of Internet community, position us well to build a comprehensive and compelling Internet offering in the U.S. market," stated David Kim, CEO of Lycos U.S.
About Lycos, Inc.
Lycos is one of the original and most widely known Internet brands in the world, evolving from one of the first search engines on the web, into a comprehensive network of social media web sites that foster online communities.>Lycos has been a pioneer in intelligent spidering search technology, combining its proprietary technology with other best in class search services to provide a powerful and relevant search experience for its users.
Times change, and Lycos has changed with them, evolving into digital media power house with two major divisions
Lycos, is a network of easy to use community and social sites. Lycos's award-winning products and services include tools for blogging, web publishing and hosting, online games, e-mail, and search. The Lycos Network of sites and services include Lycos.com, Tripod, Angelfire, HotBot, Gamesville, WhoWhere, and Lycos Mail. Integrated, these sites help in bringing people together to interact, conduct commerce, have fun, and experience the best the Internet has to offer, is in our DNA. We offer 40 Local Sites in 120 Languages with a community spanning across 177 Countries. Lycos consistently averages 12 - 15 million monthly unique visitors in the U.S.
Lycos employs over 500 people working out of 24 offices worldwide, including the US, Argentina, Brazil, Chile, Uruguay, Mexico, the UK, France, Germany, Italy, Ukraine, Sweden, Serbia, Israel, China, Thailand, Panama, India, Emirates, Russia and Australia, and with representatives or partners in Spain, South Africa, and The Netherlands.www.lycos.com
US PR Department
This press release contains "forward-looking statements" - that is, statements related to future, not past, events. In this context, forward-looking statements often address our expected future business and financial performance, and often contain words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "should" or "will." Forward-looking statements by their nature address matters that are, to different degrees, uncertain. For us, uncertainties arise from the behavior of financial and digital marketing industry, and fluctuations in exchange rates; from future integration of businesses; and from numerous other matters of national, regional and global scale, including those of a political, economic, business, competitive or regulatory nature. These uncertainties may cause our actual future results to be materially different from those expressed in our forward-looking statements. We do not undertake to update our forward-looking statements.