Yupi pulls plans for IPO

Spanish-language site Yupi Internet says it has withdrawn an initial public offering "in response to the market conditions." The Miami-based company, which is backed by investors such as Sony, News Corp. and Banc of America Equity Partners, offers content and services to Spanish-speaking communities. Some of the features found within the Yupi network include a search engine that provides people search results exclusively in Spanish, interactive chats, and virtual greeting cards.

In December, Yupi said it laid off about 60 percent of its work force. The company now employs about 100 workers.