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May 13, 1997updated 05 Sep 2016 1:01pm

LYCOS AND BERTELSMANN ANNOUNCE EUROPEAN WEB VENTURE

By CBR Staff Writer

Internet search engine company Lycos Inc and German media giant Bertelsmann AG say they have formed a joint venture to provide localized Lycos products and services throughout Europe. The two companies, which originally signed licensing agreements last July (CI No, 2,959), launched the German version of Lycos in October and its success – both in traffic and advertising revenue – has led to the creation of the new company, to be called Lycos- Bertelsmann. Under the terms of the agreement, Bertelsmann Internet Services will invest $10m in the venture and Lycos will provide the core technology. Each company will own a 50% stake in the new venture, which plans to set up Lycos-based localized navigation centers in 37 European countries. Services in Germany, the UK and France are available now, with Italy, Spain and the Benelux countries to follow in a few weeks. Bertelsmann, owners of 50% of America Online Europe Inc, say they are still working out whether the Lycos services will be integrated with AOL Europe.

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