While Yahoo’s management has come under relentless criticism this year for its decisions and performance, there was a reminder today that it was making even more questionable judgement calls back in the last century.
Yahoo announced it had reached agreement with CBS Radio to take over the running of its 150 Launchcast internet radio stations from early next year.
Today they should all be playing funeral dirges for Yahoo’s 1999 acquisition of Broadcast.com for $5.7bn. Admittedly, this was an all-share transaction at a time of inflated valuations, but co-founder Mark Cuban was quick to cash in and invest elsewhere, making himself a billionaire in the process. Read more