Verizon Communications CFO Fran Shammo says the company might be interested in acquiring Yahoo’s core internet business. That business includes Yahoo’s mail, news, and sports sites, along with its advertising technology.
“If we see there is a strategic fit and it makes sense for our shareholders and we can return value, I mean we’ll look at it, but at this point it’s way too premature to talk about that one,” Shammo said.
Verizon’s Shammo was speaking at the UBS annual global media and communications conference in New York on Monday.
Yahoo’s “board and investors have not decided what they’re going to do with that asset,” Shammo said. “I think right now they are trying to figure out exactly what they are going to do.”
Earlier this year, Verizon purchased AOL in a $4.4 billion deal to push into targeted advertising and mobile video. In October, it launched an ad-supported mobile video streaming service go90 targeted at millennials to tap new revenue.
Yahoo’s board of directors met last week to discuss the future of the company and how it will turn around its struggling internet business.
Yahoo has continued to struggle under the guidance of CEO Marissa Mayer. Insiders says she has a plan for turning around the company and that she isn’t willing to sell at this time.
Activist investor Starboard Value LP asked Yahoo last month to drop plans to spin off its stake in Alibaba Group Holding due to tax concerns. The investment firm urged Yahoo to sell the business.