CEO Melissa Mayer’s magnetism and Alibaba’s prosperity are now combining to transform Yahoo Inc. from a tale of woe into a comeback story that is winning over Silicon Valley and Wall Street.
Yahoo has closed a $7.6 billion deal that includes selling half its stake in rapidly growing Chinese company Alibaba Group.
Struggling Internet company Yahoo Inc. has secured a lifeline after agreeing to sell half of its prized stake in Chinese e-commerce group Alibaba for about $7.1 billion, with most of the cash going to shareholders.
The two companies have been in talks for more than a year.
Yahoo’s negotiations to sell most of its Asian holdings have abruptly broken down in a disagreement over the sales price and the best way to get the complex deal done.
The surprise departure, announced Tuesday, comes just two weeks after Yahoo Inc. hired former PayPal executive Scott Thomson as its CEO.
Yahoo Inc. and Alibaba Group released a joint statement saying they are engaged in “productive negotiations” over online payment service Alipay.
Yahoo Inc.’s prized investment in Chinese Internet company Alibaba Group has abruptly turned into a stock market millstone.