Yahoo Snaps Up Snip.it

by Christopher Freeburn | January 23, 2013 12:28 pm

yahoo sign 630 300x225 Yahoo Snaps Up Snip.it[1]Yahoo (NASDAQ:YHOO[2]) announced on Tuesday that it has acquired yet another startup just to shut it down[3].

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[4].

Yahoo’s new CEO Marissa Mayer has indicated that she plans to increase the company’s mobile content output[5]. 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.

Endnotes:
  1. [Image]: http://investorplace.com/wp-content/uploads/2011/11/yahoo-sign-630.jpg
  2. YHOO: http://studio-5.financialcontent.com/investplace/quote?Symbol=YHOO
  3. acquired yet another startup just to shut it down: http://techcrunch.com/2013/01/22/yahoo-buys-snip-it-10-million/
  4. shutting the company down and adding Stamped’s development team to its New York City staff: http://investorplace.com/2012/10/yahoo-acquires-bieber-backed-mobile-startup/
  5. plans to increase the company’s mobile content output: http://investorplace.com/2012/10/yahoo-is-drinking-the-mobile-kool-aid/

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