Yahoo 2015 Annual Report Download - page 2
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equity stake. As we seek this outcome for our
shareholders, the Board and management team
are fully aligned and moving expeditiously.
Operating Business Transformation
As we pursue possible strategic alternatives, we
are, in tandem, bolstering the strength of Yahoo’s
operating business in order to maximize value
in any scenario. In 2012, we set out to return this
iconic company to greatness, and we have made
tremendous progress. Today, there is no doubt
that Yahoo is a stronger, more modern company.
Most notably, we’ve built new businesses across
the fastest growing areas of digital advertising:
mobile, video, native, social (which we call
“Mavens”). In 2015, Mavens delivered more than
$1.6 billion of revenue, reflecting 45% growth
year-over-year. These meaningful revenue streams
did not exist when current management started
nearly four years ago, and they show strong
progress towards our transformation.
As we continue to improve our operating
business, we recently announced a four-point
2016 Plan with clear, decisive initiatives to further
accelerate growth and improve profitability.
1. Play to our strengths to grow user
engagement. For consumers, we’re focusing
on our three global platforms: Search, Mail,
and Tumblr, and four core vertical utilities:
News, Sports, Finance, and Lifestyles. For
advertisers, we’ve dramatically simplified our
go-to-market story with two key offerings:
Gemini and BrightRoll. By concentrating
efforts on these areas of strength, we’re
deepening user and advertiser engagement
with products they love.
Yahoo’s Board of Directors
and management team are
moving our company forward
with one clear priority:
delivering shareholder value.
This commitment has been
consistent and long-standing,
reinforced by a series of
clear actions and results:
Strategic Alternatives
Throughout most of 2015, with broad shareholder
support, we pursued a spin-off of our remaining
equity stake in Alibaba Group Holding Limited.
Despite extensive work on the transaction,
developing market concerns around perceived
tax risks led our board to suspend efforts on the
spin-off in December. We continue to believe
in the substantial potential value that can be
unlocked by separating this equity stake from
Yahoo’s operating business.
To that end, in February 2016 we announced
the formation of a Strategic Review Committee
of independent directors to explore strategic
alternatives for Yahoo. Our efforts to explore
such alternatives — including a potential sale of
Yahoo’s operating business — are unequivocally
aimed to create and deliver value for our
shareholders. In addition to realizing the value
of our improved operating business, the right
transaction could unlock further value in Yahoo’s
DEAR YAHOO
SHAREHOLDER