'Yahoo!' Pictures + News
“Google withdrew its proposed advertising partnership with Yahoo last month only three hours before the Justice Department planned to file a lawsuit to block the deal. That’s how close Google came to labeled a monopoly by federal regulators, who concluded that a partnership between the No. 1 and No. 2 search engines – which control 90 percent of U.S. search advertising – would harm competition.” [Link]
The Wall Street Journal reports that former AOL CEO Jonathan Miller is trying to raise money in order to purchase troubled search engine Yahoo!
“Yahoo announced that Yang, 40, will step down as CEO and return to his former role as “Chief Yahoo.” The company’s board said it has hired headhunter Heidrick & Struggles to find a replacement. Yang has come under fire for his inability to turnaround the company in his past 17 months as CEO. During his short tenure, Yahoo has had two major rounds of layoffs and has seen its search market share shrink significantly while a series of reorganizations led to the departure of senior executives. Yang was heavily criticized by Wall Street and shareholders for failing to reach an agreement to sell the company to Microsoft.” [Link]
“Yahoo announced plans on Tuesday to lay off at least 10 percent of its workforce, some 1,400 employees, as the weak economy cut deeply into third-quarter profits at the struggling Web company. Yahoo said net profit for the third-quarter of the year was 54 million dollars, or four cents per share, down from 151 million dollars and 11 cents per share during the same period of 2007.” [Link]
“The Sunnyvale, Calif., Internet company is expected to disclose the cost cuts as soon as Tuesday, when it reports quarterly earnings, say people familiar with the matter. The cuts will involve layoffs, among other things, these people say.” [Link]
“A tipster tells us that Yahoo plans to cut 3,500 jobs, chiefly in sales and finance, on December 10 — while keeping plans for a multimillion-dollar holiday party days before the cuts” [Link]
