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Yahoo looks to separate its Alibaba stake | Yahoo looks to separate its Alibaba stake |
(35 minutes later) | |
The US search engine Yahoo has confirmed it is looking at "strategic alternatives" for its business - including splitting off its stake in Chinese online retailer Alibaba. | The US search engine Yahoo has confirmed it is looking at "strategic alternatives" for its business - including splitting off its stake in Chinese online retailer Alibaba. |
Yahoo said it is setting up a committee to look into how the business can be reorganised to reverse its current financial woes. | Yahoo said it is setting up a committee to look into how the business can be reorganised to reverse its current financial woes. |
The firm's share price has fallen by more than 40% since the end of 2014. | The firm's share price has fallen by more than 40% since the end of 2014. |
Boss Marissa Mayer has been under pressure to revitalise the business. | Boss Marissa Mayer has been under pressure to revitalise the business. |
Earlier this month Yahoo confirmed it was cutting 15% of its workforce after reporting a $4.3bn (33bn) loss for the year. | Earlier this month Yahoo confirmed it was cutting 15% of its workforce after reporting a $4.3bn (33bn) loss for the year. |
The job cuts will mean the company will have around 9,000 staff by the end of 2016. | The job cuts will mean the company will have around 9,000 staff by the end of 2016. |
Ms Mayer said: "Separating our Alibaba stake from Yahoo's operating business is essential to maximizing value for our shareholders. | Ms Mayer said: "Separating our Alibaba stake from Yahoo's operating business is essential to maximizing value for our shareholders. |
"We can achieve this by working with the committee... while in parallel, aggressively executing our strategic plan to strengthen our growth businesses and improve efficiency and profitability." | "We can achieve this by working with the committee... while in parallel, aggressively executing our strategic plan to strengthen our growth businesses and improve efficiency and profitability." |
Although Yahoo is still one of the best-known names on the Internet, and has around one billion users, it has fallen behind Google in Internet search. | Although Yahoo is still one of the best-known names on the Internet, and has around one billion users, it has fallen behind Google in Internet search. |
The poor performance has led some shareholders to call for the management team including Ms Mayer to be removed. | |
Yahoo has appointed Goldman Sachs, JP Morgan and PJT partners as its financial advisers. | Yahoo has appointed Goldman Sachs, JP Morgan and PJT partners as its financial advisers. |
The California tech group said it would not be making any further comment on the matter until an agreement had been reached. | The California tech group said it would not be making any further comment on the matter until an agreement had been reached. |