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Yahoo, AOL to be acquired by Apollo Funds for $5 billion

4May By AdityaNo Comments

ACQUISITION

Yahoo, AOL to be acquired by Apollo Funds for $5 billion

NEW YORK May 4, 2021 - Verizon media will be acquired by affiliates of Apollo the “Apollo Funds” for $5 billion. Verizon Media is comprised of iconic brands such as Yahoo and AOL, as well as leading ad tech and media platform businesses. Verizon will retain a 10% stake in the company, which will be known as Yahoo at the close of the transaction and continue to be led by CEO Guru Gowrappan. The corporate carveout will allow Verizon Media to aggressively pursue growth areas and stands to benefit its employees, advertisers, publishing partners and nearly 900 million monthly active users worldwide. “We are excited to be joining forces with Apollo,” said Guru Gowrappan, CEO, Verizon Media. “The past two-quarters of double-digit growth have demonstrated our ability to transform our me...

Yahoo Japan to acquire Online Fashion Retailer Zozo

12Sep By AdityaNo Comments

ACQUISITION

Yahoo Japan to acquire Online Fashion Retailer Zozo

Yahoo Japan will acquire a majority stake in the online fashion retailer Zozo founded by billionaire Yusaku Maezawa, known for buying pricey art and his space travel plans. The Japanese IT giant, a subsidiary of telecoms giant and investor SoftBank Group, aims to buy up to 152.95 million shares or a 50.1 percent stake in Zozo. The cost of the acquisition will be as high as 400.7 billion yen ($3.7 billion), with Yahoo Japan offering a 21 percent premium over Zozo's Wednesday closing price. The deal includes an agreement to acquire 92.7 million shares from Maezawa, equivalent to the 30.37 percent he owns in Zozo. Maezawa, known for his extravagant lifestyle and eccentric comments, will step down as Zozo chief executive from Thursday. "I will leave Zozo's future in the hands of...

8May By AnkitaNo Comments

ACQUISITION

Softbank Acquire more stakes in Yahoo

Softbank, Japanese telecom and leading investment company said it will spend USD 4 billion to acquire more stakes in Yahoo Japan. After this acquisition, Japan will hold nearly 45 percent stakes of Yahoo Japan. On Wednesday, the company releases its forecast report and mention that with the additional stake in Yahoo, its revenue will rise to 4.8 trillion yen ($43.6 billion) in this fiscal year. Softbank, the Japanese mobile subsidiary of Softbank Group Corp., listed its shares in December in Japan's largest-ever initial public offering, at more than 2 trillion yen ($18 billion). It now holds a 12 percent stake in Yahoo Japan, which will become a subsidiary of Softbank Corp. with the acquisition of a 36 percent stake in the internet company held by its parent. Softbank Corp....

Senior Executive Anand Chandrasekaran Quits Facebook

1Nov By Gauri SinghNo Comments

News

Senior Executive Anand Chandrasekaran Quits Facebook

Facebook’s director of platforms and product partnerships Anand Chandrasekaran based in its Menlo Park headquarters has resigned from the company. He started his job at Facebook in 2016 and after two years of his work, he quit. His departure ends a two-year stint which began in September 2016, where he had joined to work on Facebook’s popular Messenger product. Along with this, Chandrasekaran is also an active angel investor in the Indian startup ecosystem. According to the sources, while the 40-year-old had initially joined Facebook to work on the tech giant’s Messenger platform, “he began overseeing the company’s India business, acting as a bridge between the two markets.” Facebook believes India to be its largest market, with over 250 million active users. It has also been said...

Paytm Joins Hands With Softbank to Launch ‘PayPay’ In Japan

27Jul By AnkitaNo Comments

BUSINESS

Paytm Joins Hands With Softbank to Launch ‘PayPay’ In Japan

One of the major Indian digital funds platforms Paytm has now expanded its operations to Japan in partnership with PayPay Company. PayPay Corporation, a joint venture established by SoftBank Corp. (“SoftBank”) and Yahoo Japan Corporation (“Yahoo Japan”), recently announced that the company will launch “PayPay” smartphone payment services using barcodes (QR code) in fall 2018. PayPay Corporation is joining its hands with India's largest digital payment company Paytm, a SoftBank Vision Fund portfolio company, to utilize Paytm's technology and expertise in mobile payments. Founder of Paytm Mr Vijay Shekhar Sharma mentioned,“It’s an honour to work with Masa Son. He’s a visionary entrepreneur who has seen all of it: PC, telecom, cell web and now Synthetic Intelligence, which is th...

SoftBank Eyeing to Acquire $2 billion of Yahoo Japan shares

10Jul By Gauri SinghNo Comments

ACQUISITION

SoftBank Eyeing to Acquire $2 billion of Yahoo Japan shares

The multinational holding conglomerate SoftBank Group Corp. is eyeing to buy shares of Yahoo Japan Corp. worth $2 billion in a complicated deal. The contract was initiated by Altaba Inc. The company warned a few months back that it would start relieving its 35% stake in Yahoo Japan. Last year, when Yahoo Inc. was sold, Altaba was born so that its profitable stakes in Yahoo and Alibaba Group could be carved out. According to the deal, SoftBank will buy 11 percent of Yahoo stakes from Altaba. After this, Yahoo Japan plans to buy back its own shares from SoftBank. The entire transaction essentially lets Yahoo Japan remove a major overhang from its stock while keeping its relationship with SoftBank mostly the same. The whole deal will enable Yahoo Japan to remove a major overhang fro...

Former Yahoo CEO Marissa Mayer Launched Tech Startup Incubator

19Apr By Lavina TolaniNo Comments

News

Former Yahoo CEO Marissa Mayer Launched Tech Startup Incubator

Marissa Mayer, Former Chief Executive Officer of Yahoo has built a technology business incubator, Lumi Labs, with longtime colleague Enrique Munoz Torres. A brilliant computer scientist and 20th former employee at Google is known to have strengthened and shaped many of company's trademark features including Google Maps and Gmail. As per information from the company website, which is set against a backdrop of snow-covered peaks the venture will focus on artificial intelligence and consumer media. Mayer told that Lumi stands for Snow in Finnish earlier on Wednesday. She said, We have this little lab called Lumi that we have been working on. In Finnish, Lumi means snow, and I just love snow. I had a snowflake-themed wedding too. We have some productive ideas in consumer space and ar...

Tumblr Relocates offices to Yahoo’s Headquarters

26Mar By Sheldan RungasamyNo Comments

News

Tumblr Relocates offices to Yahoo’s Headquarters

Yahoo is making sure that Tumblr, the company they acquired in 2013 for $1.1 billion, will adapt to the culture of the previously most popular search engine by welcoming them in their New York headquarters. Indeed, the integrality of Tumblr’s New York City headquarters staff is set to be transferred in Yahoo’s Midtown Manhattan office. Several Tumblr employees confirmed the news under anonymity and their NYC office in the Flatiron district will be no more than a memory coming the end of this month. “We are looking forward to Tumblr’s move to Oath’s NYC headquarters,” said Simon Khalaf, Oath’s head of media and products. “It’s a natural progression for us to bring the Oath family of brands together as we continue to foster collaboration and build brands people love.” Tumblr’s purch...

Yahoo’s New Parent Oath And Mozilla Sue Each Other After Firefox Switched From Yahoo To Google

7Dec By RishabhNo Comments

News

Yahoo’s New Parent Oath And Mozilla Sue Each Other After Firefox Switched From Yahoo To Google

The legal battle between Mozilla and Oath, new parent company of Yahoo has heating up. Now it looks like Mozilla will be heading to court to kick back Yahoo Holdings and Oath over the alleged breach of contract. Yahoo’s new parent Oath filed a complaint against Mozilla in a California court on December 1, alleging a breach of contract. Now Mozilla has filed a counter complaint, with the Superior Court stating that the switch back was in line with a deal struck between the two companies. This switch is not as small as it appears. With Firefox Quantum's release, Mozilla had set aside its deal with Yahoo that it made in 2014, to make it the default search engine provider for users in US, with others as options. The deal was made at $375 million a year. Details of the deal were only...

Why Firefox Ditched Yahoo To Make Google Its Default Search Engine

15Nov By RishabhNo Comments

Tech

Why Firefox Ditched Yahoo To Make Google Its Default Search Engine

[dropcap]F[/dropcap]irefox Quantum is here. Mozilla took some time to come up with something like that, something which is better, faster and lighter. The last couple of years have not been great for Firefox. Chrome browser, that took it back in the late 2011 now dominates the market with more than 60 percent, figures as suggested by StatCounter. With this release, Mozilla has set aside his deal with Yahoo that he made in 2014, to make it the default search engine provider for users in US, with others as options. With this not being the only noticeable change, Firefox has now started to keep in mind user's interests, which it seemed to have forgotten long ago about. “We looked at real world hardware to make Firefox look great on any display, and we made sure that Firefox looks an...

Former Yahoo CEO Apologizes For Data Breaches, Blames Russians

9Nov By reutersNo Comments

USA

Former Yahoo CEO Apologizes For Data Breaches, Blames Russians

Marissa Mayer, former CEO of Yahoo on Wednesday, apologised for the two historic data breaches at their company. She blamed the Russian agents, saying they were behind at least one of these breaches, at a hearing on the growing number of cyber attacks on major U.S. companies. ”As CEO, these thefts occurred during my tenure, and I want to sincerely apologise to each and every one of our users,” she told the Senate Commerce Committee, testifying alongside the interim and former CEOs of Equifax Inc and a senior Verizon Communications Inc executive. “Unfortunately, while all our measures helped Yahoo successfully defend against the barrage of attacks by both private and state-sponsored hackers, Russian agents intruded on our systems and stole our users’ data.” she added. Yahoo's most of t...

Former Yahoo CEO, Equifax CEO to testify at U.S. Senate hearing

2Nov By reutersNo Comments

USA

Former Yahoo CEO, Equifax CEO to testify at U.S. Senate hearing

Former Yahoo Chief Executive Marissa Mayer and the current and former CEOs of Equifax Inc will testify before a U.S. Senate panel on Nov. 8 on two massive data breaches, the committee said Wednesday. Verizon Communications Inc, the largest U.S. wireless operator, acquired most of Yahoo Inc’s assets in June. Yahoo disclosed in October that a 2013 data breach affected all 3 billion of its accounts, compared with an estimate of more than 1 billion disclosed in December. The Senate Commerce Committee said Mayer, interim Equifax CEO Paulino do Rego Barros Jr. and former Equifax CEO Richard Smith would testify, as well as Karen Zacharia, Verizon’s deputy general counsel and chief privacy officer. Verizon and Equifax did not immediately comment. Mayer plans to appear, a representative fo...