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Yahoo Finds Over $7 Billion By Selling Stake In Alibaba
2012-05-21 08:06:57

US Internet pioneer Yahoo, which has been struggling with cash flow and market relevance, has agreed to sell its stake in China´s top e-commerce player, Alibaba, for at least $7.1 billion, the two companies announced this weekend. Negotiations have been a year in the making to get to this point and the transaction will come about in several stages, AFP reports. Yahoo´s interim CEO Ross Levinsohn said in a statement that the agreement will provide “clarity” for Yahoo...


Word of the Day
omphalos
  • The navel or umbilicus.
  • In Greek archaeology: A central boss, as on a shield, a bowl, etc.
  • A sacred stone in the temple of Apollo at Delphi, believed by the Greeks to mark the 'navel' or exact center-point of the earth.
'Omphalos' comes from the ancient Greek.
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