CMGI to Sell ICast Site, Net Business 1stUp.com

CMGI Inc. said it plans to sell its entertainment Web site ICast and free Internet access business 1stUp.com in an effort to boost profitability by the end of fiscal 2001. In its announcement after the markets closed, CMGI said it will take restructuring charges of $8 million to $10 million during the fiscal first quarter that ended Oct. 31 and $75 million to $80 million during the second quarter as it exits ICast and 1stUp.com and restructures Internet marketer Engage Inc. CMGI Chairman David Wetherell said the Andover, Mass.-based company is looking for buyers for ICast and 1stUp.com because it needs to exit businesses that are not going to be profitable in the near term. In the meantime, it’s winding down ICast’s operations. CMGI, whose operations and investments span 70 Internet companies, also said it has enough cash and marketable securities to fund its operations for 30 months. CMGI also projected revenue growth of 80% to 90% for 2001 to about $1.65 billion. Shares of CMGI closed down $1.13 at $14.50 on Nasdaq. The shares have lost nearly 92% of their value since the beginning of the year.