Yahoo denies plans to sell online search business
NEW YORK (Bloomberg) — Yahoo! Inc. isn’t planning to sell its Internet search business to a group of investors backed by Microsoft Corp., people familiar with the situation said Sunday, denying a report in the Sunday Times of London.
The Times said Microsoft Corp. is backing a new management team to take control of Yahoo’s search unit following its failed takeover attempt. There are no plans to sell the business, people familiar with the matter told Bloomberg News.
Microsoft, the world’s biggest software maker, has been seeking ways to revive its online advertising business as the global recession stifles spending and it rival, Google Inc., wins more search users.
The Times said that Microsoft would put up $5 billion to back Jonathan Miller, the former chief executive officer of AOL, and Ross Levinsohn, a former president of Fox Interactive Media. Miller and Levinsohn would seek to raise an additional $5 billion from institutional investors to buy a stake of more than 30 percent in Yahoo, the Sunday Times said.
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