Verizon, Daily Mail And TPG Among Bidders For Yahoo!
April 20, 2016 at 4:34 AM (PT)
The financial situation at YAHOO! continues to get worse, with revenue dropping 18% to $859.4 million, according to the company's latest statements. Excluding commissions paid to search partners, this is the first time that figure has fallen below $1 billion since CEO MARISSA MAYER took the reins close to four years ago.
THE WALL STREET JOURNAL reports, "Ms. MAYER, on a video call with analysts, put a brave face on the company’s flagging financials, calling the quarter a 'good start to the year.' But she also stressed to investors that YAHOO’s management has made an auction process for the company the 'top priority' as the deadline passed MONDAY for preliminary bids. VERIZON COMMUNICATIONS, U.K. publisher DAILY MAIL and buyout firm TPG all submitted separate bids, people familiar with the process said. An investor group that included BAIN CAPITAL, VISTA EQUITY PARTNERS and former YAHOO CEO ROSS LEVINSOHN also made a bid, people familiar with the matter said."