As Yahoo slogs toward the finish line of its acquisition by Verizon, the purple-investor-value eater announced it is buying back $3 billion worth of its stock.
Apparently large numbers of shareholders need to sell their stock before the deal closes sometime in June. That would be almost one year after the deal was announced, which seems like another lifetime. Several earnings misses and one embarrassing email hack later, Yahoo had to drop the sale price by $350 million to $4.48 billion.
When the deal closes, Yahoo will shed most of what we think of as Yahoo and dump it in the lap of Verizon, where it will be crazy-glued to AOL and live on under the new brand name Oath. Announced in early April, Oath quickly became the internet’s most hated thing.
Yahoo will mainly hold the company’s 15 percent stock ownership of Alibaba but will otherwise live on as an empty corporate shell.