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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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Houston to host community summit for Indian Prime Minister Modi

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Houston hosts Modi

HOUSTON (Diya TV) — Non-profit group Texas India Forum announced they are organizing “Howdy, Modi!”, an Indian American community event for Indian Prime Minister Narendra Modi during his visit to Houston September 22nd. The venue has yet to be announced, but tens of thousands of people are expected at the event.

Seattle Congresswoman Pramila Jayapal was among the members of the House antitrust committee with sharp questions for Google, Apple, Facebook and Amazon in a hearing focused on competition and anti-competitive behavior online.

Saravana Bhavan founder P Rajagopal died days after the Indian Supreme Court threw out his plea to postpone imprisonment in a murder conviction. He was 72. The ‘dosa king’ was found to have orchestrated the murder of a man, whose wife he wanted to marry.

And the managing director of the State Bank Of India, Anshula Kant, is taking the helm at the World Bank as managing director and chief financial officer.

Ravi Kapur contributed to this report.

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House vill passes removing Green Card country cap

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WASHINGTON (Diya TV) — The House of Representatives passed a bill to lift the current seven percent country-cap on issuing Green Cards, a development that could benefit thousands of skilled Indian IT professionals.

The United States India Strategic Partnership Forum had a bipartisan feel to it in Washington, as the event was keynoted by House Speaker Nancy Pelosi and Senior Advisor to President Trump, Jared Kushner. Watch both of their speeches to the USISPF crowd exclusively on Diya TV.

Labor Secretary Alex Acosta is resigning his post amid controversy over the way he handled a sex crimes case a decade ago against wealthy businessman Jeffrey Epstein when Acosta was U.S. attorney for southern Florida.

Billionaire Richard Branson’s spaceflight company Virgin Galactic will be the 1st publicly traded space tourism company in a $800 million deal backed by venture capitalist Chamath Palihapitiya’s investment company.

And Mindy Kaling’s open casting call for her upcoming Netflix series led to the hiring of Maitreyi Ramakrishnan, who was cast out of 15,000 people.

Ravi Kapur contributed to this report.

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New Zealand eliminates India in cricket World Cup

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New Zealand wins Cricket

MANCHESTER, England (Diya TV) — After a rain delay stopped play between New Zealand and India, when play resumed, the Kiwis held on to win by 18 runs, knocking India out of the Cricket World Cup. It’s on to the championship round for New Zealand.

The United States Immigration and Customs Enforcement (ICE) raided an Indian restaurant in Washington DC, detaining several employees.

Airbnb, the Silicon Valley couchsurfing startup turned hospitality behemoth, says they made a direct economic impact of around $150 million in India in 2018.

Indian Airbnb hosts collectively made almost $28 million and welcomed nearly 800,000 guests last year. 

Chennai-based speech recognition startup, Uniphore Software Systems, raised $38 million as part of its Series C round. They’ve received funding from California venture capital firm March Capital Partners and former Cisco CEO John Chambers. 

And Indo-Australian Priya Serrao was crowned Miss Universe Australia 2019.

The 26-year-old policy advisor from the state of Victoria said she will use her new platform to promote multiculturalism. 

Ravi Kapur contributed to this report.

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