CMGI blocks Net merger

The proposed merger between internet portal Lycos and USA Networks has been scrapped, less than one week after the deal was announced. On 9 February, the two companies revealed they would merge Lycos and USA Networks subsidiary, Ticketmaster Online-Citysearch (TMSC), into one organisation, USA/Lycos, to create an e-commerce giant, but primary shareholder CMGI said it would oppose the merger unless Lycos' stock returns to its pre-deal price.