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Starving to Death on $200 Million: The Short, Absurd Life of the Industry Standard

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Starving to Death on $200 Million: The Short, Absurd Life of the Industry Standard Cover

 

 

Excerpt

In early 1999, I added $350 million worth of value to one of the world's largest Internet companies — in a single day.

I did this by publishing the details of a prospective merger that never actually occurred.

The deal was a proposed strategic partnership between NBC and the search engine and Web portal Lycos. Toward the end of January 1999, it became well known within the Internet industry that Lycos was seeking a buyer or investment partner. After all, the Lycos network had tremendous reach — nearly half of all Web users at the time visited a Lycos site at some point every month. Although it had never made a profit, its stock was worth more than $5 billion.

Multi-billion dollar deals like this one were occurring almost every week; in November 1998, America Online bought Netscape for more than $5 billion. And Yahoo had just bought GeoCities for an astronomical $5 billion.

We prepared a short article to run on The Standard's Web site, laying out what we believed to be true. Executives from the companies were in talks, and Lycos was seeking to sell between 30 and 35 percent of itself — a deal worth billions. We were ready to post the story at about 2:45 p.m. East Coast time. I called a source at NBC who had helped me before, a source I referred to as Deep Peacock. We exchanged brief pleasantries, and I brought up the Lycos talks. He was slightly evasive, but acknowledged that the subject was "super red-hot right now." I asked: "If we were to publish a story saying these talks were going on right now, would that be wrong?"

He responded, "What do you mean by wrong?"

"I mean, would it be inaccurate?"

"Oh. No, it wouldn't."

"Thanks. Gotta go."

Our story was up on the Web instantaneously, and within 24 hours, Lycos's stock had risen by nearly $8 a share, adding more than $350 million to its overall value. Ironically, the negotiations between NBC and Lycos had apparently stalled, and Lycos was never able to complete the deal. When the dust finally settled, the value our story had created was gone, along with about another billion dollars.

Product Details

ISBN:
9781586481292
Subtitle:
The Short, Absurd Life of the Industry Standard
Publisher:
Public Affairs Press (NY)
Location:
New York
Subject:
General
Subject:
Business
Subject:
History
Subject:
Infrastructure
Subject:
Mass Media - Magazines
Subject:
Business failures
Subject:
Internet industry
Subject:
Corporate & Business History - General
Subject:
E-Commerce - General
Subject:
Industry standard
Subject:
Media Studies - Print Media
Copyright:
Edition Number:
1st ed.
Series Volume:
GTR-516
Publication Date:
January 7, 2003
Binding:
Hardcover
Language:
English
Pages:
288
Dimensions:
9.60x6.55x1.15 in. 1.35 lbs.

Related Subjects

» Business » General
» Business » History and Biographies
» Business » Writing

Starving to Death on $200 Million: The Short, Absurd Life of the Industry Standard
0 stars - 0 reviews
$ In Stock
Product details 288 pages PublicAffairs - English 9781586481292 Reviews:
"Review" by , "[A] terrific inside account of the Internet boom....This mix of corporate history and memoir captures the story's economic and human sides, although at times it's hard for readers to keep track of the characters and events. Despite having a limited initial audience — how many people really want to read about a magazine that croaked not long after its second birthday? — it serves as a fantastic testament to a bygone era."
"Review" by , "Ledbetter's chronicle of the ride read like a business thriller from start to finish."
"Review" by , "Ledbetter's account of the backroom negotiations that attended the Standard's demise drags in places, but he is adept at capturing both the late-nineties atmosphere of irrational exuberance and the bitter, hung-over feeling that followed."
"Review" by , "A little long and occasionally repetitive, but a solid account nonetheless: a fine study of both the business of business journalism and the corrosive power of corporate politics."
"Review" by , "This is a story of a monumental media business failure, entertaining and instructive in equal parts."
"Synopsis" by , This is Ledbetter's mock-heroic chronicle of the magazine that lived large and died young. From his vantage point as one of The Standard's top editors, he saw up close how it succumbed to the same gold-rush fever as the Internet businesses it was supposed to be chronicling, realizing too late that he had been infected as well.
"Synopsis" by , Includes bibliographical references (p. [273]-280) and index.
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