“Ready and very profitable”
Yahoo is planning a stock market comeback
7/4/2023 4:04 p.m
In the early days of the Internet, Yahoo was one of the most popular websites in the world, but was eventually overtaken by competitors such as Google and Facebook and lost ground. But company boss Jim Lanzone has big ambitions.
The internet company Yahoo plans to return to the stock exchange. The web pioneer’s boss, Jim Lanzone, told the “Financial Times” explained. In doing so, he wants to help the Silicon Valley-based company regain its former glory, he explains. Yahoo is “financially ready” and “very profitable,” the report said.
Yahoo first became a public company in 1996 and quickly became one of the most popular websites in the world with a combination of email and search engine. A news service and a messenger were also added.
Yahoo changes hands several times
In 2017, the US telecommunications company Verizon took over the weakening portal. The brand had suffered significant losses in competition with tech giants such as Google and Facebook. Yahoo has been owned by the New York-based financial investor Apollo since 2021, which bought the company from Verizon for around five billion US dollars (4.6 billion euros).
In the conversation with the “Financial Times”, Lanzone also pointed out that Yahoo is still one of the five most popular websites worldwide. In addition, brands such as Yahoo Finance or Techcrunch belong to the company. Lanzone announced that it would keep its eyes open for interesting takeover opportunities. Yahoo recently bought the sports betting app Wagr to expand its own sports business.
Lanzone, who previously ran the online dating platform Tinder, came in 2021 with the task of turning Yahoo back into an independent company. According to him, under the Apollo umbrella, it was possible to make structural changes and build a solid business model.