Excite turns $7.8bn portal into $10m portal in just two years

It's so spectacularly bad you can't help but be impressed...

Bankrupt broadband portal company Excite@Home is looking to sell the Excite portal to search company Infospace for just $10m - two years after it bought the firm for $7.8bn. The proposed deal will see Excite@Home's assets sold for one thousandth of their previous value - reflecting the 99.9 per cent decline in the company's share price. The deal, which is yet to be approved by the bankruptcy court overseeing the sale, includes only 'intellectual property' such as customers and internet domains, and does not include staff, property and equipment. Excite said in a press release it is still looking for better offers on the business. The low purchase price is despite the fact Excite is still one of the most visited portals on the internet. However, investors are seemingly no longer impressed by traffic numbers alone, but require proof a company can make money. According to newswire Cnet, Infospace is looking to use the domain in a deal with portal iWon.