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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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Ex-Minneapolis cop charged with George Floyd’s murder

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Minneapolis

MINNEAPOLIS (Diya TV) — One of the Minneapolis police officers fired for their role in the death of George Floyd, Derek Chauvin, was arrested and charged with third-degree murder and manslaughter. Floyd died after he was pinned to the ground by those officers, with Chauvin keeping his knee on Floyd’s neck for nearly nine minutes. The other officers are under investigation, but no charges were announced. The arrest comes after a night of tumult in Minneapolis, where a police station and new housing project were burned down and stores were looted.

Protests that were largely limited to Minneapolis this week have now spread around the nation. From New York to Atlanta, Washington to San Jose, thousands of people outraged over Floyd’s death have taken to the streets. While gatherings started as peace expressions of grief, many of them have turned violent.

President Trump announced there will be a federal investigation over Floyd’s death. But he’s also caused controversy with a tweet quoting George Wallace that said “when the looting starts, the shooting starts,” in reaction to the fires set in Minneapolis.

Ravi Kapur contributed to this report.

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In Oval Office, Trump offers personal mediation to India-China

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Trump

WASHINGTON (Diya TV) —  President Trump, when asked in the Oval Office to comment on the growing India-China border dispute, said he would be happy to mediate any issues between the two nations. Trump added he spoke to Prime Minister Modi and claims Modi “is not in a good mood about what’s going on with China.”

The U.S.-India Strategic Partnership Forum normally holds events at high-end hotels. But this time out, their West Coast Summit brought dignitaries together virtually, featuring speakers like Indian Ambassador to the U.S. Taranjit Singh Sandhu, Adobe CEO Shantanu Narayen and FedEx President Raj Subramaniam to discuss the growing U.S.-India relationship.

The Indian government is allowing Indian Americans with Overseas Citizens of India (OCI) cards to return. They had restricted such travel as part of India’s strict lockdown two months ago.

And bad weather delayed a landmark U.S. trip into space by NASA and SpaceX. It was to be the first space mission with astronauts aboard powered by a private company. Instead, they will aim to lift off once again on Saturday.

Ravi Kapur contributed to this report.

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Somber milestone: 100,000 Americans lost to COVID-19

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COVID-19

WASHINGTON (Diya TV) — Three months into the pandemic, America hit a grim milestone — 100,000 dead in the U.S. at the hands of COVID-19. Cases continue to rise in 14 states, including California. 1.7 million Americans are now afflicted with COVID-19.

In a tweet, President Trump chimed into the growing India-China border dispute, offering to have American officials meditate to keep the peace. China already has ongoing rifts with Taiwan, Hong Kong and Tibet — regions with underlying calls for independence. And there are many asking for American intervention in those matters. We’ll analyze all of these movements.

Peaceful protests have turned into riots in Minneapolis after the senseless killing of George Floyd by police. The four officers involved have been fired. And now Minneapolis’ mayor wants criminal charges for 44 year old Derek Chauvin, the now fired officer who suffocated Floyd to death while onlookers screamed for him to stop.

Ravi Kapur contributed to this report.

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