And by screw I mean noose. Following the Yahoo/Microsoft saga is like watching a billion-dollar chess game, and Yahoo's current board only has a couple of moves left before they find themselves in check. It's not over, but it's close.
Yang and company's last desperate move: Chat up TimeWarner/AOL about a possible
Icahn writes:
Our company is now moving toward a precipice. It is currently losing market share in its "Search" function; our current Board has failed to bring in a talented and experienced CEO to replace Jerry Yang and return Jerry to his role as Chief Yahoo!, and currently it is witnessing a meaningful exodus of talent. It is no secret that Google (which hired a great operator as CEO) continues to dramatically outperform Yahoo!. According to publicly available information, Google's income from operations grew 59% per year over the last two years while Yahoo!'s shrank 21% per year. However, none of the above has caused the Yahoo! board to hesitate in paying themselves $10,000 per week. IT IS TIME FOR A CHANGE.
Well, at least, unlike with Microsoft, one never wonders what Icahn means. Hear that? It's the sound of a noose tightening.
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