by Christopher Freeburn | January 23, 2013 12:28 pm
Yahoo (NASDAQ:YHOO) announced on Tuesday that it has acquired yet another startup just to shut it down.
The struggling Internet search pioneer has acquired Snip.it, a social media website that encourages users to gather and share news articles based on their interests. Yahoo paid $10 million for Snip.it, according to TechCrunch, but immediately shuttered the website.
Nine of Snip.it’s 10-person team will join Yahoo where they will develop the company’s social news program. Snip.it launched in October 2011.
In October, Yahoo purchased social media start-up Stamped for an undisclosed price, shutting the company down and adding Stamped’s development team to its New York City staff.
Yahoo’s new CEO Marissa Mayer has indicated that she plans to increase the company’s mobile content output. Raiding startup companies for their talent is one way to build up Yahoo’s presence in the mobile content market.
Shares of Yahoo rose about 1% in Wednesday midday trading.
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