Lycos Sells Wired.Com Back to Conde Nast
Lycos Inc, the online portal that acquired Wired.com (Wired News) in 1999, has agreed to sell it back to Condé Nast, publishers of Wired magazine, Wired.com’s printed counterpart. Since 2005, CEO Alfred Tolle has been streamlining Lycos, turning it into a destination for entertainment, marketing and community building. While it’s been adding content partners like video provider PermissionTV, Lycos also been shedding some of the fat. In the 1999 deal, Lycos bought Wired.com for about $83 million, but now, Condé Nast is buying it back for $25 million.
The re-acquisition of Wired News has been a long-standing goal of Condé Nast, according to Wired editor Chris Anderson. And now that the digital and the print halves have been knitted back together again, the conjoined Wired property can get down to the business of innovation. “Wired’s focus on innovation and how technology is changing the world can now be matched with our own innovation and experimentation with new ways of doing media online,” said Anderson in a statement, “We’re bursting with ideas and can’t wait to put them into practice.”
Lycos is only selling properties related to Wired News and Wired.com. Lycos will keep other online properties obtained in 1999 like Hotbot, Hotwired and Webmonkey. Once the deal is solidified, Wired News will become part of CondéNet, Condé Nast’s web division.
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