CMGI Cuts Funding To Engage

CMGI has opted out of renewing or extending its funding contract with Engage, an Andover, Mass.-based online marketing firm. The conditional financing commitment between the holding company and Engage ended on July 31.

The news of the split follows Engage’s fourth quarter earnings results, which the company said would be below analyst forecasts. Engage expects to show revenue of $15 million to $16 million, compared with forecasts for revenue of $21.3 million. The company also said that it no longer expects to break even, on an operating basis, in the fiscal first quarter, as it had previously forecast.