South Korea's Daum takes over US portal business of Terra Lycos

SEOUL (AFP) Aug 02, 2004
South Korea's top Internet portal, Daum Communications Corp., said Monday it has acquired the US portal business of Spain's Terra Lycos.

Daum said it has acquired all of Lycos' operations for 111.2 billion won (95.3 million dollars).

With the US portal under its wing, Daum said it aims to become a global leader in the sector by combining Lycos' brand and Daum's business know-how.

Daum expects the Nasdaq-listed Internet portal to turn profitable by 2005 on the back of dramatic growth in the US advertising market.

The deal will be financed by Daum's cash reserves and bonds, it said.

SPACE.WIRE