Yahoo! sale woes
The possible break-up and sale of Yahoo! is not going smoothly, according to numerous media reports.
CEO Marissa Mayer is reportedly refusing to answer key questions about the financial performance of Tumblr, which she acquired for Yahoo! in 2013 for $1bn, and is persistently failing to meet with potential bidders.
Other reports note that the quoted 40 potential bidders is, in reality, just 10, with the others refusing to sign strict confidentiality agreements. Some allege Mayer is trying to undermine the sale.
The Wall Street Journal recently noticed that Yahoo! just changed Mayer's contract so she will reap a $48m windfall if she is ousted as CEO. The rest of her management team will also get "accelerated vesting" if they are fired – effectively huge payouts.
The sale itself is being handled by an independent committee of Yahoo!'s board members that does not include Mayer. Bids are due Monday. ®