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
Jimmy Kimmel Defends Florida Students Under Attack From Far Right Wingnuts Ted Nugent, Donald Trump Jr.
Latest Film News
- The 16 Year-Long Journey to Release For Duncan Jones And ‘Mute’ – Q&A
- ‘Goosebumps 2’: Madison Iseman, Ben O'Brien, Caleel Harris, & Jeremy Ray Taylor Set As Leads
- Skydance Media Taps ‘Tangled’s Nathan Greno In Multiyear Deal, Will Direct ‘Powerless’
- Global Road Entertainment Acquires Action Thriller ‘Hotel Artemis,’ Ensemble Led By Jodie Foster
- ‘Dunkirk’ Cinematographer Hoyte Van Hoytema On Christopher Nolan’s Visceral Approach To Cinema
- Tooley Entertainment Acquires ‘The Fight Before Christmas’ Out Of Broad Green Pictures