Terra plans to launch in Europe

Listen to this article

00:00
00:00

Terra Networks, the Latin American online media company that emerged out of a high-profile dotcom-era boom and bust story, is planning to launch in several European countries, with help from its Spanish parent company, Telefónica.

Launched as the internet arm of Telefónica, Terra saw a near threefold jump in its share price at its initial public offering in 1999, valuing it at $10.99bn. It then bought Lycos for stock in a $12.6bn transaction, only for its value to plunge.

The group has been repositioned as an online video and digital music company with almost 100m users a month in Latin America and among US Hispanics.

Fernando Madeira, chief executive of Terra Latin America and USA, said it had begun trials in Spain of a site focusing on live events, entertainment and sports, with the aim of a launch in June.

The site would have more than 60 staff in Spain by the end of 2012, he said, with a small team in Portugal, to provide “a local accent” in a market where some users already access its content for the Brazilian market.

Copyright The Financial Times Limited 2017. All rights reserved. You may share using our article tools. Please don't copy articles from FT.com and redistribute by email or post to the web.