Seven West Media (ASX:SWM) has sold its 50% stake in Yahoo 7 to digital and mobile company Oath, a subsidiary of US multinational telecommunications conglomerate Verizon which holds the assets of Yahoo.
The transaction is expected to be completed by August. Current CRO Paul Sigaloff has been promoted to Managing Director of Oath, ANZ.
As part of the transition, CEO Ed Harrison, CFO Penny Diamantakiou, CTO Paul Russell, and Director of Product, Mark Robinson will leave Yahoo7.
“Over the past 18 months we have executed our strategy to control the distribution and monetisation of our digital products, and as a result we’re seeing strong audience and revenue growth,” SWM’s Chief Executive Officer Tim Worner said.
“The natural next step of that strategy is to sell our stake in Yahoo7, which sadly means that we must part ways with our friends in Yahoo7 and our partners in Oath.
We are proud of all that Yahoo7 has achieved since it launched in 2006 – from day one it has been at the forefront of Australian digital innovation. We leave it in great shape, with an audience of around nine million, and a strong future ahead of it. We wish the team the greatest success in all that they do.”
Financials of the transaction were not announced.
Shares in Seven West Media closed at 55.5c.
