Word: portale
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Wetherell's Internet world view is getting its fiercest test in a takeover tussle with Barry Diller--a real-economy mogul if ever there was one--who has made a bid for Lycos, the Internet portal that Wetherell financed and of which he owns 18.5%. While Diller and Wetherell agree that the partnering of Lycos' new-media assets and Diller's traditional media hodgepodge of USA Networks, Home Shopping Network and other film- and television-production interests makes strategic sense, they disagree sharply on the value Diller ascribes to Lycos...
...world Diller comes from, you don't pay a premium for unprofitable businesses. But in the Internet economy, where almost nobody has made a profit yet (and certainly Lycos hasn't), that hasn't kept Yahoo from shelling out $4.35 billion for GeoCities, or stopped the Internet portal @Home from paying $6 billion for Excite--both deals made at hefty price premiums. Of course, they used their richly priced shares as currency. Diller's offer to merge part of his USA Networks with Lycos to form a new company, of which Lycos would own 30%, values Lycos at approximately...
...online hagglers who passionately bid for everything from stereos and cruises to a Coke bottling plant and the historic town of Johnsonville, Conn. Bezos' is just the latest firm to recognize the Web as the perfect medium to match buyers and sellers in a capitalist free-for-all: Net portal Yahoo rolled out an auction site last fall, and America Online just struck a partnership with industry leader eBay...
Carmody hopes the site will evolve into one students will look to for answers to "all of their concerns--from purchasing products to accessing latest news and events information." Like portal pages developed by msn.com and yahoo.com, individuals will be able to customize ivypreps.com to fit their needs...
Where is all this dumb money? Much of it is in Internet stocks, most of which command stratospheric prices despite their lack of profits and their dubious prospects. In a seminal event for these stocks' valuations, high-flying portal company Lycos last week agreed to merge with USA Networks, a real company (Home Shopping Network; Ticketmaster) with $1.5 billion in annual revenue. Lycos shares plunged 31% in two days as investors reflected on Lycos' value inside a company that must--gasp--post rising profits to boost its share price...