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Lycos inks book deal
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August 20, 1997: 2:41 p.m. ET
Shares rise on news of three-year partnership with Barnes & Noble
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NEW YORK (CNNfn) - Shares of Internet search-engine company Lycos Inc. surged Wednesday on word of an electronic commerce pact with bookseller Barnes & Noble.
By 2:45 p.m., Lycos stock had climbed 3-5/16 to 25-7/16.
The companies said Wednesday they had agreed to a three-year deal that will make Lycos a flagship online partner for Barnes & Noble's Web storefront.
Barnes & Noble and Lycos will jointly promote book sales on their sites. In return for linking its users to the bookstore's site, Lycos will receive an unspecified percentage of the transaction revenue.
Wednesday's deal comes after search-engine competitors Yahoo! and Excite signed similar deals with Barnes & Noble competitor Amazon.com.
"This partnership unites two dynamic brands -- the cutting-edge Web navigation center and the leading seller of books and information commerce on the Web," said Robert J. Davis, president and chief executive officer of Lycos Inc.
Steve Riggio, chief operating officer of Barnes & Noble, said the increased customer access the deal gives the company is just one component.
"The alliance of two strong consumer brands -- booksellers and Internet navigators -- represents a new strategic partnership which goes beyond banner advertising and search integration. With Lycos, we have a guaranteed customer reach," he said.
--Cyrus Afzali
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