by Christopher Freeburn | December 17, 2012 10:28 am
Yahoo (NASDAQ:YHOO) may be looking to snap up another social media startup.
Unnamed sources told AllThingsD that Yahoo is conducting due diligence on Summly, a news summarizing app created by Nick D’Aloisio, a 17-year old Briton.
Summly is reportedly negotiating with potential investors to obtain a new round of financing. The app, for devices running Apple‘s (NASDAQ:AAPL) iOS, has been downloaded 500,000 times. The company has also struck content deals with News Corp. (NASDAQ:NWSA).
Discussions between Yahoo and Summly are in the preliminary stages and no offer has yet been made. However, acquiring the trendy start-up would fit with Yahoo CEO Marissa Mayer’s strategy of rising young talent to build out its mobile development team.
Earlier this month, Yahoo acquired OnTheAir, a mobile online video chat service. Just two months earlier, it acquired Stamped, another mobile start-up.
Shares of Yahoo slipped fractionally in Monday morning trading.
Source URL: http://investorplace.com/2012/12/the-mobile-app-yahoo-may-be-targeting-next/
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