Connect with us

Hi, what are you looking for?

Capital Business
Capital Business

Gadgets & Apps

Verizon ‘plans Yahoo bid’

VERIZON

NEW YORK – US telecom giant Verizon is planning to make a $3 billion bid for Yahoo’s core internet business, the Wall Street Journal reported late Monday.

Citing a person familiar with the matter, the newspaper said Verizon was expected to meet the Monday deadline for the second round of bidding.

A third round of bidding was expected, the report said.

Verizon, which owns AOL, has emerged as a leading contender to take over Yahoo as other big names are reportedly dropping out, according to US financial media.

Yahoo, the Internet pioneer that has fallen behind rivals such as Google and Facebook, has said it is studying the possibility of a sale as it pursues efforts to revive growth, focusing on mobile users.

Yahoo chief executive Marissa Mayer has so far failed to revive the company, which in February announced it was cutting 15 percent of its workforce and narrowing its focus as it explored “strategic alternatives”.

A media report last month said billionaire Warren Buffett had agreed to work with Quicken Loans founder and chairman Dan Gilbert on a bid for the Yahoo core assets.

Gilbert is also the owner of the NBA’s Cleveland Cavaliers team.

Private-equity firm TPG was also expected to make a second-round bid, the Wall Street Journal said, citing a person familiar with the matter.

Advertisement. Scroll to continue reading.
Click to comment
Advertisement

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Headlines

NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...

Kenya

NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...

Coronavirus

NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...

Coronavirus

NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...