Lycos Acquires Wired Digital
Posted on October 6, 1998
Lycos, Inc. announced that it has signed a definitive agreement to acquire Wired Digital, Inc. Wired Digital, home to one of the most innovative and sophisticated families of products and services on the Web, including HotBot, attracts nearly five million unique visitors a month, according to Relevant Knowledge. In the acquisition Lycos will acquire Wired's outstanding capital stock for approximately $83 million in Lycos stock, plus an additional amount of Lycos stock equal to any Wired cash outstanding on the closing date.
"The acquisition of the industry-defining Wired Digital further fortifies our position as a premier media company," said Bob Davis, president and CEO of Lycos, Inc. "In addition to gaining quality products and an incredibly talented group of people, the pioneering spirit of Wired Digital, its high-profile brands and added reach elevate the Lycos multi-brand network strategy to a new level."
"Joining forces with Lycos gives our products an incredible opportunity to play on an even larger stage," said Beth Vanderslice, president of Wired Digital. "By moving Wired Digital into the Lycos Network, we'll be reaching a larger audience with an expanded array of quality content and services. And together, this positions us to move into the number one spot on the Web."
