Yahoo Snaps Up Snip.it
by Christopher Freeburn | January 23, 2013 12:28 pm
[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.
- [Image]: https://investorplace.com/wp-content/uploads/2011/11/yahoo-sign-630.jpg
- YHOO: http://studio-5.financialcontent.com/investplace/quote?Symbol=YHOO
- acquired yet another startup just to shut it down: http://techcrunch.com/2013/01/22/yahoo-buys-snip-it-10-million/
- shutting the company down and adding Stamped’s development team to its New York City staff: https://investorplace.com/2012/10/yahoo-acquires-bieber-backed-mobile-startup/
- plans to increase the company’s mobile content output: https://investorplace.com/2012/10/yahoo-is-drinking-the-mobile-kool-aid/
Source URL: https://investorplace.com/2013/01/yahoo-snaps-up-snip-it/