Yahoo! Shuts Down Chinese News Website
Yahoo! China is shutting down their news website and the visitors are being rerouted to Taobao. Yahoo! China is managed by e-commerce company Alibaba. Yahoo! and Alibaba has been partners since 2005 when Yahoo! co-founder Jerry Yang put $1 billion into the company for a 40% stake.
Alibaba was not the market leader that they are today back then. Alibaba now runs around 20 shopping websites.
Unfortunately, Yahoo! and Alibaba have had a rocky relationship over the last several years. Yahoo! sold back part of their stake to Alibaba as a result.
Yahoo! gave Alibaba control of Yahoo! China for up to 4 years as part of the deal. Most of the Yahoo! China employees will be moved over to Alibaba as a result of the shut-down.
[Source: VentureBeat]This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry