Lycos Europe to shut up shop
Published: 27 Nov 2008 08:58 GMT
Lycos Europe announced on Wednesday plans to shut its portal and web-hosting business and find a buyer for three other areas of its operation.
The company, which last month announced a 20 percent drop in revenue, to €46.9m (£39.4m), and a net loss of €17.1m, said the decision was made after reviewing its strategic options for several months.
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Lycos Europe also plans to seek a buyer for other parts of its operation: its domains, Danish portal and shopping activities.
Investors will vote on the management proposal at the company's 12 December shareholders meeting. Should the proposal receive approval, Lycos Europe will distribute €50m to shareholders by the year's end.
The closure of Lycos Europe's portal, which includes search, online communities and content channels, comes as it faces increased competition from Yahoo and Google, and a decline in user traffic.
Credit: Lycos Europe to close portal, end Web hosting from CNET News
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