CMGI, an incubator of dot-com companies, said it will sell its online auction company uBid after ridding itself of several other companies this year: AltaVista, Yesmail and Tallan.
uBid's focus had been on consumer electronics. It had competed with eBay until last year, when it did away with its "consumer exchange" and "preferred partner exchange." It also introduced a fixed-price "superstore," but uBid just didn't have the traffic to compete on the same level as Amazon and eBay.
Earlier this month, when releasing second quarter financial results, CMGI's President and Chief Executive Officer George McMillan said, "Considered with the sales and divestitures made during the last two months - and consistent with the principles we outlined in June - we believe that CMGI now is firmly-footed to financially support the company's short-term needs and its long term growth."
