Yahoo! Inc. Releases Statement Regarding Alipay
SUNNYVALE, Calif.--(BUSINESS WIRE)--
Yahoo! Inc. (NASDAQ:YHOO), issued the following statement in response to
recent media reports regarding the timing of the restructuring of Alipay:
On March 31, 2011, Yahoo! and Softbank were notified by Alibaba Group of
two transactions that occurred without the knowledge or approval of the
Alibaba Group board of directors or shareholders. The first was the
transfer of ownership of Alipay in August 2010. The second was the
deconsolidation of Alipay effective in the first quarter of 2011.
Yahoo! disclosed this restructuring in its 10-Q after discussions with
Alibaba Group and obtaining a better understanding of this complex
Yahoo! continues to work closely with Alibaba and Softbank to protect
economic value for all interested parties. We believe ongoing
negotiations among all of the parties provide the best opportunity to
achieve an outcome in the best interest of all stakeholders.
Yahoo! (NASDAQ:YHOO) is the premier digital media company, creating
deeply personal digital experiences that keep more than half a billion
people connected to what matters most to them, across devices and around
the globe. And Yahoo!'s unique combination of Science + Art + Scale
connects advertisers to the consumers who build their businesses. Yahoo!
is headquartered in Sunnyvale, California. For more information, visit
the pressroom (pressroom.yahoo.com)
or the company's blog, Yodel Anecdotal (yodel.yahoo.com).
Yahoo! is the trademark and/or registered trademark of Yahoo! Inc.
All other names are trademarks and/or registered trademarks of their
Dana Lengkeek, 415-994-4008
Cathy La Rocca, 408-349-5188
Source: Yahoo! Inc.
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