(Reuters) – Verizon Communications Inc. earlier this year, we wanted to find the right buyer for Yahoo Finance, which is one of the most popular destinations for financial news and portfolio management tools available, the three people familiar with the matter told Reuters this week.
A FILE PHOTO of A man standing next to the logo of Verizon at the Mobile World Congress in Barcelona, Spain, February 26, 2019. REUTERS/Sergio Perez
As the U.S. mobile provider, never ever launched a formal sale process, in the quiet of the requested interest in Yahoo Finance in, even if it was for the renewal of its media division, formerly known as the Oath, and was recently re-branded to Verizon, the Media.
The company finished the quest recently, according to the sources, who declined to be named because the talks were private.
Yahoo has emerged as the center of Turn of the Media plan in order to save the once-dominant, the collection of internet assets, which have been in decline since the end of the year 2000.
“We do not comment on rumors and speculation,” Verizon’s Media, said in a statement on Thursday. “Yahoo Finance is an integral part of the Verizon Media strategy to boost economic growth. We will continue to invest in the expansion of the live program, audio program and the recently launched Yahoo Finance is a Premium product.”
Yahoo and AOL are the two big companies in It, Media, who is also the proprietor of the news publication huffington post, as technology and news sites, Techcrunch and Engadget, as well as the social-media site Tumblr.
In spite of the intense erosion of the use and value of the Verizon Media businesses, as well as Yahoo Finance has continued to be a bright spot. It was one of the most-visited site in the business and finance news category, and in May, it is true to Forbes, and CNBC, and attracted more than 100 million global visitors per month on average this year, according to data from media analytics firm comScore.
Another source with direct knowledge of Verizon’s plans, said that the company is committed to acquiring more media assets to enhance its portfolio, Yahoo Finance, and business.
The source said It had received unsolicited interest in Yahoo Finance, but do not entertain the phone calls.
Verizon, the Media has struggled with the decline in the growth of revenues and earnings. Last year, It wrote down the value of its media assets by $4.6 billion.
Verizon spent a combined $9.2 billion to buy AOL, or Yahoo in 2015 and 2017, respectively. A former Verizon Media Chief Executive Tim Armstrong had been exploring the options for the media group, including the acquisition of Verizon’s news site The Information reported last year.
Yahoo was one of the pioneers of the internet age in the 1990’s. The highlight of the fair market value of the company at the end of the beginning of the 1990s, more than $125 billion. AOL’s market value on the date on which it announced a $165-billion offer to buy Time Warner in 2000 was more than $340 billion.
Walt Piecyk, an analyst who covers Verizon for the research firm BTIG, said It is focused on the wireless industry and the media business has become a matter of secondary importance, since Hans Vestberg was named Verizon’s chief executive officer, as of the last year.
“What It is to be able to sell it (Yahoo Finance) it is not moving the needle for the business,” he said.
It is not clear how much It was, hoping to take advantage of a sale to Yahoo Finance. In other news, a publication deals with a measure of appreciation. The German digital publisher Axel Springer has bought the 88 per cent it did not already own, the New York-based news publication Business Insider, by 2015, in a deal that valued the Business Insider, at $442 million.
Just last month Yahoo Finance to start with a premium subscription, which offers a sophisticated portfolio of tools, research reports and investment ideas for the $50 – per-month basis.
Reporting by Angela Moon, Sheila Dang, in New York; Editing by Kenneth Li and Matthew Lewis)