News

Excite@Home Seeks to Unload Excite

11/12/2001 6:15 AM Eastern

Bankrupt Excite@Home Corp. filed a motion late Friday with the U.S.
Bankruptcy Court in Northern California to unload its narrowband Excite.com portal at a bargain $10
million.

The sale would end the rocky merger between narrowband Excite.com and
broadband @Home -- a deal forged in 1999 worth an estimated $7.8 billion.

The company had reportedly been shopping the Excite narrowband portal around
prior to filing for bankruptcy in September.

Excite@Home is asking to sell the Excite narrowband portal assets
-- including certain domain names, trademarks and user traffic -- to
InfoSpace Inc.

InfoSpace, in turn, has entered an agreement with iWon Inc. Internet portal
iWon.com. If the bid goes through, iWon.com
will operate much of the Excite portal while InfoSpace manages the Excite search
engine and phone directories.

The sale doesn't include any of Excite@Home's physical assets, personnel or
products and services needed to keep the broadband Excite@Home portal up and
running.

It is not clear whether the Excite name would disappear from Excite@Home
should the sale go through. When asked about that issue, a company spokeswoman
declined to comment.

As with all other asset sales under Chapter 11 bankruptcy, the deal requires
the court's approval, and there is the potential that other bidders may submit
higher offers.

The court will delay a decision on the motion for two or
three weeks to allow other bidders to come forward. In anticipation of that,
Houlihan Lokey Howard & Zukin has been hired to manage the bidding process.

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