Stokes In No Hurry Over Verizon-Yahoo Changes
Kerry Stokes’s Seven West Media – one half of the Australian Yahoo/7 joint venture – says it’s unconcerned about Verizon’s deal to takeover the core US assets of Yahoo.
With the Verizon-Yahoo deal expected to be completed early next year, a Seven West statement says the group currently plans to hold talks with Verizon at some point in the next six to nine months.
“Seven West Media has a number of positive options that will define its future development and success in digital media, building on its already highly successful development over the past few years,” the company said in a statement supplied to the ASX.
The Yahoo/7 business reaches a claimed 6.17 million users, but is a relatively small part of Seven West Media, which overall reported almost $3 billion in revenue in FY15. Other interests include industrial services, energy and TV and media markets.
Verizon is paying around $6.5 billion ($US4.8 billion) for most of Yahoo, except for its successful stakes in Yahoo Japan and the Chinese e-commerce giant Alibaba, and some patents. In the US, it plans to merge Yahoo’s search, e-mail, messenger and advertising technology businesses with AOL, which it acquired last year.