Acquisition

Telefonica SA 18 July 2000 In just 15 months the Company already has businesses in 16 countries TERRA ACQUIRES THE PORTAL 'LA CIUDAD' TO BECOME THE LEADER IN COLOMBIA'S INTERNET MARKET * The portal acquired by Terra has as its partners 4 of the local media's most important entities, which will join forces to form the website 'laciudad.com'. * This project includes an agreement by which these partners, El Tiempo, Semana, El Colombiano and El Pais will provide exclusive content for the new Terra portal. Terra Networks, Telefonica, S.A.'s Internet subsidiary, has gone a step further in its aim to strengthen its leadership position in the Spanish and Portuguese speaking Internet market, through its purchase of a majority stake in 'La Ciudad', one of Colombia's main portals. To be precise, this new Terra portal, which mainly provides quality pastime and entertainment content, is one of the country's most strategic portals. 'La Ciudad' has four local partners, El Tiempo, Semana, El Colombiano and El Pais, which are among the country's leading newspublication, as well as holding a position of prestige in the field of Internet. As a consequence of this agreement, each of these partners will incorporate its respective Internet portal in 'la ciudad.com', making this the country's leading portal with over 20 million visits. Likewise, this project includes an agreement by which the partners will provide content in exclusivity to Terra's portal in Colombia, therefore providing it with the country's most complete range of content in terms of pastime, culture, economy, sports and education- both on a national and international scale. El Tiempo is Colombia's leading news group and owns the country's most visited website. It has national newspapers and magazines, and is responsible for the distribution of such significant publications as The Wall Street Journal or Time. It also has agreements with the Circulo de Lectores, Cinemark and Tower Records. It owns the television station City TV and has stakes in Sky, TV Cable and Yellow Pages. Semana is Colombia's leading magazine publisher. Among its many publications those of most significance are Semana, Dinero, Coleccion and Jet Set. The other two partners, El Colombiano and El Pais, are the most important newspapers in Medellin and Cali, respectively. With this entrance in Colombia, and following the launching of Terra Venezuela and Terra Uruguay in June of this year, the Company not only further strengthens its position of leadership throughout the Spanish and Portuguese speaking world, with a market potential of more than 500 million people, but also enhances its goal to become the market leader in these three countries. Terra Networks is already the leader in Peru and Chile. To be precise, Terra, apart from its presence in Spain, is already present in Brazil, Mexico, Chile, Peru, Uruguay, Guatemala, Argentina, Costa Rica, Venezuela, Colombia, El Salvador, Honduras, Nicaragua, Panama and the United States. Thanks to this and other projects, Terra, by June of this year, had already registered more than 1,000 million pages visited, reflecting a 410% increase compared with the same period of last year, and already had more than 2.6 million ISP customers, reflecting 500% growth compared with last year.
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