In what appears to be another step in dismantling the struggling Internet company, Yahoo shut down four of its entertainment properties last week, according to media reports.
The movie blog “The Projector,” formerly co-edited by New York Magazine contributing editor Will Leitch, is shutting down, Business Insider reported.
A source within Yahoo gave Business Insider the names of the other properties that are closing, in addition to “The Projector”: “Yahoo has discontinued ‘The Set,’ which covered TV; ‘The Amplifier,’ which covered music; and ‘The Famous,’ which covered celebrities,” the report said.
Business Insider published a statement from Sibyl Goldman, Yahoo’s vice president of entertainment:
“We are continuing to invest in original content and expert voices on the Entertainment topics the fans want most such as Awards Season, first looks at blockbuster movies and Red Carpet Fashion, including welcoming Oscars expert Thelma Adams earlier this week. With over 80 million users across all of Yahoo’s entertainment properties (comScore, 10/11), we remain committed to delivering the highest quality, premium experiences for both users and advertisers.”
In related news, two financial groups are discussing whether to bid on Yahoo with their Asian partners, a deal that would value the struggling Silicon Valley company at about $25 billion, TechZone360 reported.
Blackstone Group and Bain Capital are preparing a bid for all of Yahoo Inc., Reuters said, citing “a source familiar with the matter.”
Several news outlets, including Bloomberg and Reuters, said that Blackstone and Bain Capital could bid more than $20 per share if they pursue a joint bid with Alibaba Group of China and Japan’s Softbank Corp., which would equate to more than $25 billion, based on the 1.24 billion shares that Yahoo had outstanding as of Oct. 31
Chinese e-commerce giant Alibaba, whose primary interest is in buying back a 40 percent stake owned by Yahoo, is keeping its options open and said it has not decided whether to participate in a bid for all of Yahoo.
Erin Harrison is Executive Editor, Strategic Initiatives, for TMC, where she oversees the company's strategic editorial initiatives, including the launch of several new print and online initiatives. She plays an active role in the print publications and TechZone360, covering IP communications, information technology and other related topics. To read more of Erin's articles, please visit her columnist page.Edited by
Rich Steeves
