Jim Lanzone, the CEO of Yahoo, announced the company's plan to return to public markets, media reports.
Despite facing challenges in online spending due to advertisers' uncertainty regarding consumer sentiment, Yahoo remains among the top five global internet media firms in terms of traffic and is financially prepared for aggressive merger and acquisition pursuits.
Lanzone stated that Yahoo has a great and highly profitable balance sheet, echoing his comments from February when the company cut jobs and restructured its advertising tech division. After being acquired by Verizon and delisted in 2017, Yahoo was sold to private equity firm Apollo in 2021.
Meanwhile, Alibaba Group, once owned by Yahoo, is reportedly conducting a strategic review of its video streaming platforms, Youku and Tudou. Still, Alibaba's entertainment unit's PR team denied any such reorganization. Youku competes against Baidu's iQiyi and Tencent in China.
Alibaba recently announced a restructuring plan to boost growth and create standalone leaders in e-commerce, media, cloud, and logistics businesses and replaced its chief Daniel Zhang after eight years.
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