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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Scripps Networks Interactive, (delisted) | NASDAQ:SNI | NASDAQ | Common Stock |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 90.04 | 89.95 | 90.00 | 0 | 01:00:00 |
From May 2019 to May 2024
By Michael Calia
Activist investor Starboard Value LP said it is concerned about media reports that have said Yahoo Inc. may be interested "in doing large-scale acquisitions."
In addition, the firm pressed the Internet giant for its plans regarding its shares of Alibaba Holdings Inc.
Reports have indicated that Yahoo is thinking about trying to acquire Scripps Networks Interactive or Time Warner Inc.'s CNN.
"Our concerns that these media reports may have some truth are exacerbated as it has now been more than 60 days since the IPO of Alibaba, and Yahoo is now free to disclose its intentions with regard to its shares of Alibaba," Starboard founder Jeffrey C. Smith wrote in a letter to Yahoo Chief Executive Marissa Mayer.
A Yahoo spokesperson wasn't immediately available for comment. Shares of Yahoo, up 21% over the past year, rose 2% in morning trading.
Mr. Smith also noted that Yahoo has yet to disclose its plans for "a tax-efficient separation of its noncore minority equity interests," such as the company's remaining holdings in Alibaba and Yahoo Japan.
Starboard aired concerns about recent speculation that Yahoo, which reaped more than $5 billion by selling part of its holdings in Alibaba, is considering a cash-rich split-off to separate these interests. Mr. Smith said the option is clearly inferior to a spinoff or other ways to unlock the value of Yahoo's stakes.
"Should you instead choose to proceed down a different path by pursuing large acquisitions and/or a cash-rich split, both of which have been speculated, such actions would be a clear indication to us that significant leadership change is required at Yahoo," Mr. Smith wrote.
Starboard again urged Yahoo to consider a merger with AOL Inc. In November, the firm revealed that it had a 2.4% stake in AOL and a 0.8% stake in Yahoo.
Write to Michael Calia at michael.calia@wsj.com
Access Investor Kit for Yahoo Japan Corp.
Visit http://www.companyspotlight.com/partner?cp_code=P479&isin=JP3933800009
Access Investor Kit for Scripps Networks Interactive, Inc.
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Visit http://www.companyspotlight.com/partner?cp_code=P479&isin=US8873173038
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