Yahoo to spin-off its 15% stake in Alibaba
January 28 , 2015
Internet giant Yahoo has said it will spin-off its 15% stake in the Alibaba Group, and hand over the business to shareholders, according to media reports.
Yahoo will avoid a huge tax bill by creating a separate firm made up of its stake in the Chinese company.
Meanwhile, Yahoo has reported $166 million in fourth quarter earnings, 52% down from the previous year. Its revenue from display advertising fell by 4% to $532 million compared to a year ago.
Chief executive Marissa Mayer said in a statement that Yahoo’s fourth quarter and yearly performance “continues to show stability in our core business.”