Yahoo hires McKinsey to help with reorganization of its core businesses: Re/code

Yahoo CEO Marissa Mayer speaks during her keynote address at the annual Consumer Electronics Show (CES) in Las Vegas, Nevada January 7, 2014. REUTERS/Robert Galbraith

Yahoo Inc has appointed management consulting firm McKinsey & Co to help with the reorganization of its core businesses, technology news website Re/code reported on Monday.

McKinsey will help Yahoo decide which units to shut, sell or invest in, Re/code said, citing several people close to the situation.

Yahoo, which is preparing to spin off its 15 percent stake in Chinese e-commerce giant Alibaba Group Holding Ltd, declined to comment, as did McKinsey.

Yahoo has been struggling to boost revenue from ad sales in the face of stiff competition from Google  and Facebook Inc.

Under Chief Executive Marissa Mayer, Yahoo has been trying to revive its core media and online advertising business by spending more to get users on its websites.

There has been little progress, however.

After deducting fees paid to partner websites, Yahoo’s revenue fell to $1.0 billion in the third quarter from $1.09 billion a year earlier, and the company forecast a drop to $920 million-$960 million in the current quarter.

Top executives at Yahoo have been asked by Mayer over the last month to make three to five-year commitments to the company, sources told Re/code.

Several top executives, including Media head Kathy Savitt and Chief Development Officer Jackie Reses, have left in the last couple of months.

Re/code said Yahoo insiders expect at least two people reporting directly to Mayer to leave the company.

Yahoo shares were down about 1.4 percent at $33.72 in early trading. Up to Friday’s close, the stock had fallen about 32 percent this year.

Reuters

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.