Yahoo willing to sell itself to the “right bidder”
Less than 24 hours after the unceremonious sacking of its chief executive Carol Bartz internet giant Yahoo is putting itself up for sale.
Following its failure to compete aggressively enough with a new breed of silicon valley tech titans – led by Google, Facebook and Apple, has prompted the firm to undertake a “comprehensive strategic review”.
The Wall Street Journal quotes an unnamed insider who revealed that the firm is even willing to cede control to a 2nd party – if the “right bidder” emerges.
This open courting of a takeover marks a dramatic reversal for the firm which led the way during the internet’s early years and would bring Yahoo’s 17 year period of independence to an end.
Yahoo’s revenues have slumped more than 25% since Bartz took the reins 30 months ago – although profits are up following an aggressive programme of cutbacks.
Yahoo previously dodged a $44bn takeover bid by Microsoft.