First Take: Yahoo move shows diminshed faith in turnaround

December 9, 2015 4:08 PM

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It's that way with Yahoo, whose board of directors on Wednesday scrapped plans to spin off Alibaba — the company cash cow — and create a new company. Instead, Yahoo will spin off its core business into a new company.

"In 2016, we will tighten our focus and prioritize investments to drive profitability and long-term growth," said CEO Marissa Mayer in a statement. "A separation from our Alibaba stake, via the reverse spin, will provide more transparency into the value of Yahoo's business."

Also read: Alibaba Financial Affiliate Seals Bank Deals for Alipay Expansion in Europe

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