Daily Mail publisher considering bid for Yahoo

Posted by Simon Hadley in Personal Finance on 12 April 2016 - Simon is a Credit Analyst at checkmyfile.

The Daily Mail and General Trust (DMGT) is considering making a bid for Yahoo in conjunction with private equity firms.

The Californian-based internet company, which currently has a market value of $38bn (£27bn), is looking to sell its core business as part of a wider strategic overhaul after struggling to complete with the rise of Google and Facebook.

A spokesman for the DMGT says, “Given the success of DailyMail.com and Elite Daily we have been in discussions with a number of parties who are potential bidders [for Yahoo].”

DMGT could potentially structure a deal for Yahoo in one of the two ways. The first option involves a private equity group securing ownership of the full company, allowing the DMGT to take on Yahoo’s online media assets including Yahoo News, Yahoo Finance and Yahoo Sports.

The second scenario would see a new company created, which would incorporate Yahoo’s editorial products with DMGT’s current online franchises including DailyMail.com and the recently acquired youth-focused website Elite Daily.

DMGT is currently enjoying a prosperous period having announced pre-tax profits of £216m ($307.44m) last year which is set to set to rise to £269m ($382.63m) by the end of the third quarter.

Since the Daily Mail launched a US-version of its popular online tabloid in 2012, the website has cemented itself as one the country’s leading news websites, having reported a staggering 66.7m unique visitors to its website in February.

Earlier this year, Yahoo’s chief executive, Marissa Mayer, announced the company’s cost-cutting plan after hiring advisors from Goldman Sachs, JPMorgan Chase and PJT Partners who formed an independent board of directors to help with the decision making.

As a result, Yahoo is set to slash up to 1,700 jobs as well as 15% of its global workforce. It is also closing five non-US based offices and seven online magazines.

New York publishing company Time Inc. along with TPG Capital, KKR & Co, Microsoft Corporation and Verizon Communications Inc. have also expressed an interest in Yahoo.

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