over Lycos Europe, Bertelsmann agreed to spend US$1 billion worth in advertising at Terra Lycos through a five-year period. That spending was crucial for Terra to survive the times of the Internet crash, when several Latin American-based Internet companies like Quepasa, Starmedia or El Sitio lost cash up to the point of filing for bankruptcy or being taken over by bigger companies. In 2003 Bertelsmann executed an option to get itself out of the agreement, transferring to Terra's parent company Telefónica the obligation to keep the ad spending. Soon after that, Telefónica decided to get more control over Terra and launched an offer for shares of Terra still floating on the stock market. Although it granted Telefónica control over more than 70% of Terra's stock, the move was not successful enough to let Telefónica take Terra out of the public, as was allegedly its objective. In October 2004, following Telefónica's decision to re-focus their businesses, Terra sold Lycos to South Korean Internet portal company Daum Communications for US$105 million. Kim Faura was Terra's last chairman. Joaquim Agut was the previous one, and now he is chairman of Endemol. Telefonica take-over In February 2005, Telefónica announced its intention of taking full control of Terra by giving Telefónica' shares in exchange for Terra's remaining shares in the stock market. After this plan was approved by both Telefónica and Terra shareholders meetings, Terra's shares were finally excluded from the market on July 15, 2005. Terra Networks S.A. was then merged into Telefónica, S.A. and, therefore, disappeared from a legal point of view. A small portion of the former corporate headquarters became "Terra Networks Asociadas, S.L.U." (a new company) and local Terra operations (and assets) were transferred to local fixed-line Telefónica companies. Terra.com Terra was the largest Latin American online media company, ranked as the 31st most popular Internet destination in the world. The website primarily provided entertainment, news and sports to approximately 100 million monthly visitors, Terra was named as one of the most innovative company in the music area by Fast Company in 2011. It has offices in cities such as São Paulo and Porto Alegre (BRA). References External links Terra Brazil terra Mexico Terra Chile Terra Colombia Terra USA Telecommunications companies established in 1998 Companies based in Madrid Internet service providers of Spain Telefónica Telecommunications companies of Spain Multinational companies headquartered in Spain Spanish brands Spanish companies established in 1998 Internet