Spanish telecommunication giant Telefonica SA said Tuesday that its Internet subsidiary Terra Networks SA would offer 2.15 shares for each share of the U.S. company Lycos (LCOS) to complete a planned merger that would create one of the top three Internet portals worldwide.
Stories by Daniel Helft
StarMedia Network Inc., an Internet portal targeted at Spanish and Portuguese-speaking audiences, is cutting 15 percent of its staff - 125 positions - in a company-wide restructuring effort that is expected to help the company attain profitability one year ahead of schedule.
When investors in Latin America merrily threw money at startups earlier this year, they didn't mind the dearth of information on Net usage in the region.
Softbank Latin America, a recently launched unit of Japan's Softbank, announced Wednesday that it has purchased a 27 percent stake in BitTime.com, a company specializing in online consumer incentive and loyalty programs throughout the region.
Investors gave AOL Latin America the benefit of the doubt in its market debut Tuesday, with shares rising 5.5 percent at market close despite many analysts' objections that all the company had to show for itself was a respectable family name.
Juan Villalonga's aggressive dealmaking as chairman of Spain's Telefonica SA transformed it into an international powerhouse. But disaffected shareholders are stepping up pressure on him to do his wheeling and dealing elsewhere.
The crowd of international business consultants spun its usual rosy scenarios. But few Latin specialists meeting here at the Mercosur summit of the World Economic Forum seemed interested in adding to the hype that already surrounds the region's new economy. Instead, most were in the mood for a reality check.
Barely a year into the Internet craze, the Net shakeout is sweeping across Latin America, and players fear that the Nasdaq's repeated nosedives will dampen the region's mood and drastically restrict the cash available to fund new companies. "Lately, the amount of money for startups was such that it was crazy.
UOL might be the leader of the pack in Brazil's buzzing Internet market but red-hot Terra Networks, Europe's biggest publicly traded dot-com company, is gaining fast.
Everywhere you look, UOL is there. The three-letter logo of Brazil's budding Internet giant is on massive billboards lining the busy streets of Sao Paulo, on the sides of buses, on the shades that shield auto interiors from the searing sun, on the clocks in train stations and on luggage carts at the airport.
Pacing furiously up and down the terrace of a glitzy Miami Beach hotel, clad in his Italian designer suit and wraparound shades while barking crisp orders into a cell phone, he personifies the unnervingly overconfident, hyperactive character that Tom Cruise played in Rain Man.
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