Zapata retreats from the Web

Sausage skin and fishmeal company Zapata has done a U-turn over its Internet strategy.

In June this year, it launched an aggressive move into Web media by signing letters of intent to buy 28 sites. But now it's called the whole thing off.

It's original aim was to integrate the sites into a portal service, and at one stage, Zapata even put an offer on the table for search engine and portal company Excite.

The company will now tear up the letters of intent and revert back to its core business.

Zapata said in a statement that it will not proceed with the announced acquisitions or pursue any further buys. However it will hang onto Webzines "Word" and "Charged".