What A $3.65 Billion Mistake Looks Like
In 1999, Yahoo (YHOO) paid $3.65 billion for GeoCities. Today it sent out a "final notice" warning GeoCities users that its pulling the plug.
Yahoo is shutting down or selling a lot of businesses lately. (Find out what's for sale here.) It's all part of Yahoo CEO Carol Bartz's plan to focus the company on the following products:
- Homepage
- Messenger
- Everything “mobile”
- Search
- Media experiences across sports, news, finance, entertainment
"Yahoo's goal is to be at the center of people’s online lives, and these efforts all support that," says a source.
Here's the farewell letter:
YHOO Oct 7 2009, 12:59 PM EDT
17.31 Change % Change +0.01 +0.06% Don't miss: Yahoo: What's For Sale, What's Not, And What Could Be
I remember Geocities from the good ol' days but I can't believe anyone would've paid that much for it [oh yeah, that's why they call it a bubble].
Anyway, nuts to anyone who says eBay failed by buying Skype [for a tad less than that actually] - at least they are looking to recover some if not most of what they paid, plus it was a cool business to boot.
