SUNNYVALE (CBS/AP) — Yahoo Inc. said it will close its South Korean web portal and an Internet advertising business, cutting its losses in a market where it has struggled for over a decade.

Yahoo Korea said Friday it will be shut down by the end of the year.

Since entering South Korea in 1997, Yahoo has operated a namesake portal in Korean and an Internet advertising company, Overture Korea.

Yahoo’s South Korean market share has been negligible due to competition from domestic search engines.

Overture Korea has added to Yahoo Korea’s problems by failing to renew key advertising deals.

Yahoo has been struggling against competition from Google in the U.S. and named its third CEO in a year in July.

A Yahoo Korea official said no other overseas businesses will be closed.

(Copyright 2012 by CBS San Francisco. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)



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