Prodigy Services Co. was sold Sunday by IBM and Sears to a group of investors who hope the change in ownership will put it back in the race with rivals CompuServe and America Online.
The takeover was led by Prodigy management, including president and chief executive officer Ed Bennett, and International Wireless Inc., a global communications company. Bennett will continue to serve in those positions.
Prodigy needs to invest heavily in new systems and marketing to keep pace with America Online and CompuServe.
“This gives us a real clear ownership structure, and the cloud around Prodigy is removed,” Bennett said Sunday. “The beleaguered, troublesome days for Prodigy are over.”
The deal still must meet regulatory approval.