Wednesday, February 3, 2016
Yahoo hangs the 'for sale' sign
Yahoo just officially hung up a "for sale" sign.
Company chairman Maynard Webb writes that Yahoo is "exploring additional strategic alternatives" to the four-point growth plan the company laid out in a press release.
The company's stock is down nearly 2% after-hours, despite its fourth-quarter earnings revenue beat.
Here's Webb (emphasis added):
The Board also believes that exploring additional strategic alternatives, in parallel to the execution of the management plan, is in the best interest of our shareholders. Separating our Alibaba stake from our operating business continues to be a primary focus, and our most direct path to value maximization. In addition to continuing work on the reverse spin, which we've discussed previously, we will engage on qualified strategic proposals."
This announcement follows Wall Street rumblings about how Yahoo should sell its core internet business. The company's stock is down nearly 40% from its 52-week high.