Verizon Might Look At Purchasing Yahoo's Internet Business, CFO Says
SUNNYVALE (CBS SF) – The chief financial officer of Verizon Communications reportedly said the telecom giant would possibly look at acquiring the internet assets of Yahoo, if it made financial sense.
According to Bloomberg News, CFO Fran Shammo on Monday addressed the idea of purchasing Yahoo's web business if it was offered for sale.
"And if we see there is a strategic fit and it makes sense for our shareholders and we can return value, I mean we'll look at it, but at this point it's way too premature to talk about that one," Shammo reportedly told the UBS Global Media and Communications Conference.
The remarks come as Yahoo faces pressure from an activist shareholder demanding the company sell its websites, mobile apps and other internet assets, along with abandoning its plan to spin off its stake in Chinese internet giant Alibaba.
According to The Associated Press, the maneuver is designed to shelter Yahoo from billions in capital-gains taxes, but it is unclear if the move would world work.
Verizon acquired AOL, another pioneering web service, earlier this year for $4.4 billion.
