USA TO ACQUIRE LYCOS.Byline: Kim Chipman Bloomberg Bloomberg A major global provider of 24-hour financial news and information including real-time and historic price data, financials data, trading news and analyst coverage, as well as general news and sports. News USA Networks Inc., the media company headed by Barry Diller Barry Diller (born February 2, 1942 in San Francisco, California) is an American media executive responsible for the creation of Fox Broadcasting Company. Biography , said it will acquire No. 3 Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the search directory Lycos Inc. and combine it with USA's home shopping Home Shopping commonly refers to the electronic retailing / home shopping channels industry, which includes such billion dollar companies as HSN, QVC, eBay, ShopNBC, Buy.com, and Amazon.com. , ticketing and online businesses. The transaction will create a new company called USA/Lycos Interactive Networks Inc. The companies didn't disclose specific terms of the purchase. Lycos' stock fell 26 percent amid concern Diller and USA Networks are getting the best of the complex transaction. USA/Lycos would put veteran Hollywood executive Diller in the forefront of online commerce, combining his Home Shopping Network “HSN” redirects here. For other uses, see HSN (disambiguation). The Home Shopping Network (HSN) is a mostly 24-hour shopping network that is seen on cable, satellite, and some terrestrial channels in the United States. and Ticketmaster Online-Citysearch Inc. with Lycos. Diller helped create News Corp.'s Fox television network and built his cable television channels into a $2.8 billion annual business. Diller's company will control 61.5 percent of USA/Lycos, giving ``USA Networks shareholders a bigger premium for assets than Lycos,'' said Vinton Vickers, an analyst at ING Baring Furman Selz LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control who has a ``strong buy'' rating on USA Networks. Lycos fell $33 to $94.25 and Ticketmaster dropped $15.50 to $42.25, while USA Networks rose $3.6875 to $41.625. Seagram Co., which owns 45 percent of USA Networks through a limited liability company, rose 75 cents to $47.6875. The companies, which expect the transaction to be completed within about six to eight months, valued the transaction at $22 billion. Diller is expanding USA Network's direct consumer sales business from television to the Internet, while giving Lycos a media partner and established retailer to better compete against larger Internet rivals. |
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