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Yahoo ( YHOO ) will shut down seven digital magazines, following through on its layoffs and reorganization plans aimed once again at trying to rejuvenate growth. On Wednesday, Yahoo said that it will shut down Yahoo Food, Yahoo Health, Yahoo Parenting, Yahoo Makers, Yahoo Travel, Yahoo Autos and Yahoo Real Estate. “On our recent earnings call,” wrote Martha Nelson, Yahoo global editor-in-chief, in a statement on the company’s Tumblr site, “Yahoo outlined our plan to simplify our business and focus our effort on our four most successful content areas — News, Sports, Finance and Lifestyle.” Cutting the seven digital magazines is part of that effort. “While these Digital Magazines will no longer be published, you will continue to find the topics they covered, as well as style, celebrity, entertainment, politics, tech and much more across our network,” she wrote. Yahoo announced a turnaround strategy, including cutting 15% of its workforce, or roughly 1,600 jobs, when it reported fourth quarter earnings on Feb. 2. Yahoo said that it planned to sell non-core divisions and assets. This included closing of five offices in Dubai, Mexico City, Buenos Aires, Madrid and Milan. Yahoo stock rose a fraction Wednesday, closing at 29.37. Last week, the stock hit a 30-month low of 26.15. Scalper1 News
Scalper1 News