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Yahoo core business at stake
雅虎核心业务遭遇危机
Yahoo is at a crossroads. The Internet company may spin off its core business as it faces intense competition and pressure to boost shareholder value. It is also reportedly weighing whether it should continue with its plan to sell its most valuable asset: its stake in Alibaba.
Yahoo's board recently ended a three-day meeting that reportedly included discussions to sell its portfolio of online businesses. That core business is estimated to be worth around US$3 billion, less than 10 percent of its overall value. Most of Yahoo's real worth is in its Alibaba stake, which it planned to sell in January.
The discussions come at a time when Yahoo has been struggling to compete against Facebook and Google in attracting online ad dollars.
The pressure to sell its core business is coming in large part from activist hedge fund Starboard Value that owns a substantial stake in Yahoo. In a reversal of opinion, it now wants the company to stick with its Alibaba investment and scrap the rest.
Starboard's new position comes after the Internal Revenue Service failed to reassure shareholders there would not be a big tax bill if the Alibaba stake were spun off.
At this point it is unclear what Yahoo is going to do. But even if it does sell its core business, experts say the name Yahoo will likely survive.
CEO Marissa Mayer has made it clear she does not want to sell off the core business and would prefer to spin off Alibaba. But with the mounting pressure, the board may decide against her.
With all these question marks, Mayer is not getting high marks for her more than three-year tenure.
