The stock is -3.5% in after hours trading following Yahoo’s SEC filing saying that CEO Marissa Mayer is rethinking the company’s strategic plan. The key part: she’s also reconsidering the company’s vow to return to shareholders most of the proceeds from its $7.1B stock deal with Alibaba. Yahoo owned about 40% of the Chinese e-commerce power and agreed in May to sell about half of that back to Alibaba for $6.3B in cash and $800M in preferred stock. Yahoo said at the time that it would return “substantially all” of proceeds of the transaction, after taxes, to shareholders. Yahoo also increased its share buyback authorization by $5B. But Yahoo said today that Mayer is rethinking “our restructuring plan, our share repurchase program” and the Alibaba repayment promise.
Yahoo Shares Slide After It Warns That Investors May Not Receive Payback
What's Hot on Deadline
Bill O'Reilly To Matt Lauer On His Firing From Fox News & Sexual Harassment Claims: "This Was A Hit Job"
Latest Film News
- Samuel Goldwyn Writing Awards Announce Finalists And Judges
- CAA Promotes Quartet Of Trainees
- ‘Battle Of The Sexes’ Review: Emma Stone & Steve Carell Are Matchless And Top Of Their Game
- Zack Snyder Films ‘Snow Steam Iron’ On iPhone
- ‘Glee’ Alum Harry Shum Jr. Joins Sylvester Stallone In ‘Escape Plan 3’
- Beau Willimon Elected President Of WGA East