Conde Nast acquired the Wired News operation from Lycos for $25 million, combining once again the Internet operations of Wired with the magazine.
A Wired News story stated, “Lycos acquired Wired News as part of its June 1999 acquisition of Wired Digital in a stock transaction valued at about $83 million at the time. Since then, Wired News has published Wired magazine articles on the web under a contractual relationship, while reporting independently on technology and science news.
“Tuesday’s deal includes all the assets of Wired News, such as the website, news content and domain name, but leaves Lycos in control of former Wired Digital properties such as HotBot, Hotwired and Webmonkey. Upon completion of the transaction, the assets of Wired News will be operated as part of Condé Nast Publications’ web division, CondéNet. No layoffs at Wired News are planned as a result of the deal.
“‘We are thrilled to be bringing Wired News back into the fold after eight years of separation from the print publication, especially since it comes at a time of exploding growth and creativity on the web,’ said Steve Newhouse, chairman of the Advance.net web division of Advance Publications, the privately held parent company of Condé Nast, in a joint statement with Lycos, also released Tuesday.”
Read more here.
