Terra Lycos to sell stake in Lycos Korea

Waltham-based Internet company Terra Lycos said on Friday it had agreed to sell its stake in Lycos Korea to SK Telecom Co., but would license the Lycos brand and certain products to maintain the brand in the Korean market.

No financial terms were disclosed. Terra officials were not immediately available for further comment.

According to the Terra release, Seoul, South Korea-based SK Telecom Co. announced Friday it was acquiring a stake in Lycos Korea and would manage the company's operations.

"As a result of the transactions, SK Telecom expects to, through Lycos Korea, become a wired and wireless portal services leader," Terra said.

Lycos Korea was a joint venture in which chip equipment maker Mirae Corp. and Terra Lycos, a subsidiary of Spain's Terra Networks, each hold a 43.25 percent stake. The rest is spread over a range of investors.