As expected, ownership of Prodigy has changed hands from IBM and Sears to an investor group that includes Prodigy management.
IBM and Sears, which started the venture in 1984, have been trying to unload the beleaguered online service for months. The $250 million paid by International Wireless and its partners is well below the $1 billion Prodigy was expected to fetch.
"We now have a tremendous opportunity before us with a new entrepreneurial spirit and commitment," Prodigy CEO Ed Bennett said in a statement Sunday. "We have taken the necessary steps to become more nimble and more efficient with a focus on the future of the Internet, which we were the first online service to embrace." Bennett is expected to continue as CEO of the third-largest online service.
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