Terra is a Spanish Internet multinational company owned by Telefónica, with headquarters in Spain and offices in Brazil, Chile, Colombia, Mexico, the United States and Peru. Part of Telefónica Group (the former Spanish public telephone monopoly), Terra operates as a web portal or Internet access provider in the U.S., Spain, and 16 Latin American countries. Founded in 1999 as Terra Networks, S.A., a publicly traded company with Telefónica as its largest shareholder, all outstanding shares were purchased by Telefónica in 2017, making Terra a wholly owned subsidiary. History Terra was founded in 1999 as Terra Networks, S.A. by Juan Villalonga, Telefónica's president between 1996 and 2000, and grew in size through the acquisitions of several local startups in Spain and the main Latin American markets: Olé (Spain), ZAZ (Brazil), Mexico, Gauchonet, Donde (Argentina) and Chevere (Venezuela). Terra has created several digital portals, like Invertia, a successful finance portal, and Educaterra (e-learning). It also has had or has stakes in other Internet ventures: Uno-e (online banking), Rumbo (travel, in partnership with Amadeus), Atrea (real estate, in partnership with Spanish bank BBVA), and more. In November 1999, still during the period known as the "Internet bubble", Terra had a high-profile IPO both in the U.S. and Spain, and its shares skyrocketed. After that, the price fell sharply until it reached 2.75 euros in October 2004. This process sparked a lot of public controversy in Spain, where thousands of small investors acquired shares of Terra during the boom. During 2003 and 2004 Terra expanded aggressively into the paid content business, mainly in Spain, Brazil, and Chile, launching ventures with Disney and Spanish football clubs Real Madrid and FC Barcelona. It also started several entertainment services, including an online multiplayer gaming platform (Terra Games) and a digital music service (Terra Música Premium) similar to Apple Computer's iTunes. Terra and Lycos In April 2000, Terra acquired Lycos, a U.S. portal, in a stock swap valued at US$12.5 billion. By that time, Lycos was the third most visited portal in the U.S., and had a strong presence in key European and Asian markets. Lycos CEO Bob Davis was moved to the position of CEO of the combined company, from where he stepped down in January 2001, being replaced by then Chairman Joaquim Agut. Part of the deal was also German media giant Bertelsmann, owner of a stake in Lycos Europe. In exchange for keeping the control