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Yahoo reportedly to begin sale process Monday

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(DIYA TV) — Search engine giant Yahoo! will begin approaching potential corporate and private equity buyers as soon as today, according to people close to the process, and a report by Bloomberg Business.

Verizon, Comcast and AT&T are just a few familiar names said to be interested in purchasing stakes in the company, as well as buyout firms Bain Capital Partners, KKR & Co. and TPG, according to the report. The first round of bidding likely will not end for at least a month, sources close to the situation said to Diya TV on the terms of anonymity, as the situation isn’t public.

Yahoo said Friday it began hiring financial advisers and instructed independent board members explore strategic options — the company is looking to take necessary steps to transform itself after another failed quarter, which this time is resulting in the layoff of 15 percent of the companies workforce, CEO Marissa Mayer said. The company is beginning to face strong scrutiny from investors of the former Google execs decisions — Goldman Sachs Group Inc., JPMorgan Chase & Co. and PJT Partners Inc. will provide financial counsel, the Web company said a statement.

FILE PHOTO - Yahoo, Inc. named Google executive Marissa Mayer to be its next CEO, its fifth in five years. PICTURED: July 7, 2008 - Mountainview, California, U.S. - MARISSA MAYER, Google's VP of Search and User Experiences on the Google campus. Mayer was the first woman hired by Google, in 1999, and one of their first 20 employees. (Credit Image: © Martin Klimek/ZUMA Press)

FILE PHOTO – Yahoo, Inc. named Google executive Marissa Mayer to be its next CEO, its fifth in five years. PICTURED: July 7, 2008

Even if Yahoo decides against selling, it must do something to satisfy its shareholders, who have grown weary and tired of Mayer, and hearing that the company is some great turnaround story waiting to happen. Fourth quarter results reported earlier this year left investors extremely underwhelmed, and Mayer, who joined the company in 2012, has failed to get the company back on track. Yahoo continues to lose ground to Google —where Mayer was notoriously known for shrinking the search engine giant’s font size to monetize additional ad space— Twitter and Facebook in online and mobile ad markets.

The company has begun cutting costs to prevent hemorrhaging. As mentioned previously, scores of layoffs have been announced, the company has shut down some of its online magazines, all of which may not prove to be enough.

“The company needs to be more focused. There is a lot more that needs to be done,” said Eric Jackson, managing director of SpringOwl Asset Management, a hedge fund that has called for big changes at Yahoo — including the firing of Mayer. She is the company’s eighth CEO (including two interim ones), since 2001, and could very well be its last.

Some of the company’s most well-known assets might have to be put on the market for sale — Yahoo Sports, Yahoo Finance, Yahoo Mail, Flickr and Tumblr.

Mayer has struggled to boost sales and separate Yahoo from a $26 billion stake in Alibaba Group Holding Ltd. Backdoor discussions of waging a proxy war against her have already begun, and Starboard Value LP is taking initial steps to unseat her from her current position, where her salary is $117 million over five years.

As of early Monday, Yahoo’s share price climbed 2.8 percent to $30.87 as of 1 p.m. EST. Through Friday’s close, however, shares declined 10 percent this year after having already dramatically decreased 34 percent in 2015. The aforementioned share price gives the company a value of about $29 billion.

Yahoo’s days as an independent company may be numbered, and it would appear that Wall Street couldn’t be happier.

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Rev. Jesse Jackson pushes for India COVID relief

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Rev. Jesse Jackson pushes for India COVID relief | Diya TV News

SAN FRANCISCO (Diya TV) — The Reverend Jesse Jackson is standing in solidarity with Indian Americans in California who are rallying the community to send more Covid-19 relief to India.  Reverend Jackson is also voicing solidarity for other communities of color as African Americans celebrate Juneteenth, the new Federal holiday marking the end of slavery in the U.S.

And Satya Nadella is now even more powerful at Microsoft. The tech giant’s CEO was named chairman of the board elevating his current role atop one of the world’s most valuable companies. The Indian American has served as chief executive since 2014, has helped transform the PC maker into a leader in cloud computing in recent years, resulting in  a market cap of close to $2 trillion.

Billionaire philanthropist MacKenzie Scott has given away another massive chunk of her fortune. This time nearly 3  billion dollars to a variety of charities. Several Indian organizations like Goonj, Antara Foundation, and GiveIndia have also benefited from this generosity.

Ravi Kapur contributed to this report.

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US – India trade hits record $9 billion

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U.S.-India trade hits record $9 billion | Diya TV News

SANTA CLARA, Calif. (Diya TV) — For the second month in a row, the U.S.-India bilateral goods trade crossed $9 billion dollars.  It had never happened once before that. This is a comprehensive document covering trade in goods and services, and shows India and the U.S. remain strong strategic partners.

the U.S. Senate confirmed Radhika Fox as the first Indian American and woman of color to lead the office of water at the Environmental Protection Agency. Her supporters say she will focus on making sure everyone’s point of view is heard and taken into account.

And British Pakistani rapper Frenzo Harami is being criticized for his anti Hindu post on Instagram. Harami uses vulgar language to describe Hindu minorities living in Kashmir. He apparently went on this tirade after claiming youtube banned one of his videos.

Ravi Kapur contributed to this report.

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India’s COVID rate drops dramatically

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India’s COVID rate drops dramatically | Diya TV News

NEW DELHI (Diya TV) — India’ s Covid-19 infection rates are starting to consistently drop each day.  The ministry of health reported a little more than 60,000 cases in the past 24 hours. That’s a dramatic decrease from the peak of more than 400,000 cases in one day just a few months ago. 

India has also decided to partially open the Taj Mahal to visitors. And as restrictions ease, several shops, malls, and restaurants have started to reopen in multiple cities this week. but Authorities continue to advise mask wearing and social distancing.

Vice President Kamala Harris hosted a dinner party for a bipartisan group of female senators at her official Washington, DC residence. 16 Democrats and eight Republicans. Vice President Harris is doing this against the backdrop of intense negotiations over President Biden’s agenda in Congress and a border crisis raging on her watch.

And one of the fiercest critics of Big Tech companies like Apple and Amazon is now leading the Federal Trade Commission.  Lina Khan will be tasked with voting on enforcement matters in areas of both competition and consumer protection. the 32 year old South Asian will be the youngest person to ever lead the agency.

Ravi Kapur contributed to this report.

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