Alibaba Group Holding Ltd. plans to buy back shares worth up to $6 billion over two years, the company said on Thursday, as it beat first-quarter revenue forecasts but fell short of earnings estimates.
Verizon Communications Inc. said Monday it would buy Yahoo Inc.'s core Internet properties for $4.83 billion in cash to expand its digital advertising and media business, in a deal that ends a lengthy sale process for the fading Web pioneer.
Yahoo Inc. is weighing a sale of its core Internet business and will not sell its stake in Chinese e-commerce firm Alibaba Group Holding Ltd., CNBC reported, with an announcement coming as soon Wednesday.
Activist investor Starboard Value LP asked Yahoo Inc to drop plans to spin off its stake in Alibaba Group Holdings Ltd due to tax concerns, and instead urged the company to sell its core search and display advertising businesses.
Internet giant Yahoo! Inc. announced yesterday that the IRS will not grant the private letter ruling the company requested in regards to the proposed tax-free spin-off of its remaining stake in Alibaba Group Holding Ltd.