Shares of Yahoo Inc. and Microsoft Corp. rose Wednesday as The Wall Street Journal reported Microsoft had talked about buy Yahoo's search business.
Microsoft, Yahoo Shares Rise on Deal Talks
The Associated Press
July 2, 2008
CBNNews.com - NEW YORK -- Shares of Yahoo Inc. and Microsoft Corp. rose Wednesday as The Wall Street Journal reported Microsoft has talked to other media companies about teaming up to buy Yahoo's search business.
The paper reported Microsoft has spoken to News Corp., Time Warner Inc. and others about a way to complete the proposed deal, which was first announced on Feb. 1. Microsoft ultimately withdrew a $47.4 billion bid for Yahoo in May.
The Journal suggested that Microsoft would buy Yahoo's Internet search business, and the rest of the company would be combined with another outlet, like News Corp.'s MySpace or Time Warner's AOL.
The talks were described as preliminary, and citing sources familiar with the talks, the Journal indicated Microsoft may be having difficulty finding a partner.
In morning trading, shares of Yahoo climbed $1.37, or 6.8 percent, to $21.57. The stock is trading at its lowest levels since late January. Microsoft shares gained 5 cents to $25.92.
Calls to both Microsoft and Yahoo were not immediately returned.
© 2008 The Associated Press.
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