CMGI to Acquire Online Ad Agency Flycast

Internet venture fund CMGI Inc. agreed to buy online advertising agency Flycast Communications Corp. for about $690 million in stock. This would be the third online-advertising-related transaction in two weeks for Andover, Mass.-based CMGI. San Francisco-based Flycast, whose advertisers include E-Trade Group Inc. and IXL Enterprises Inc., provides $1.4 billion worth of advertisements on 1,200 Web sites every month. Terms call for CMGI to exchange 0.4738 share for each share of San Francisco-based Flycast. Flycast shares rose $7.50 to close at $45.50; CMGI gained $2.19 to close at $102.50, both on Nasdaq.