Yahoo Backs Off This Acquisition to Meditate Internally
According to reports from the Wall Street Journal, Yahoo (NASDAQ:YHOO) has backed out of its proposal to acquire Hulu (NASDAQ:CMCSA) (NASDAQ:NWSA) (NYSE:DIS), an online video service that offers hit TV shows including Family Guy and 30 Rock. Reportedly, the reason for the withdrawal is Yahoo’s need to focus on its own problems rather than to assimilate an acquisition at this point in time.
Consultants to Hulu are still working on various options for a full sale of the company. Tops on the list include various arrangements proposed by Dish Network (NASDAQ:DISH), Amazon (NASDAQ:AMZN) and Google (NASDAQ:GOOG), who remain in the fray.
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Yahoo (NASDAQ:YHOO) is trading at $15.95 today, up 3.10%. Shares are up 6.76% in one year. The stock’s trading range for the year is between $11.09 and $18.84.
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