Yahoo Acknowledges It Might Shut Down MyBlogLog
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Doesn’t look like Yahoo (NSDQ: YHOO) is done eliminating “non-core” services quite yet. The company says it is considering shutting down MyBlogLog, a social networking service built around blogs that it acquired two-and-a-half years ago for $10 million. ReadWriteWeb cited sources yesterday who said MyBlogLog would be closed down next month. A Yahoo spokesman tells us, however, that nothing has been decided. On the Yahoo Developer Network Blog, the company says it is “actively discussing the future of MyBlogLog” and says that a shut down is “an option but there are other options as well.”
SEE ALSO: As Yahoo Starts Buying Again, Some Lessons From Past Deals
The possible shutdown comes as Yahoo has discontinued nearly a dozen of its products this year; most of those cutbacks, however, were announced through June. If the company does go ahead and close down MyBlogLog it once again does not speak well to its track record with acquisitions. As we outlined this summer, Yahoo has given up on at least six companies it bought, including Maven Networks, which it purchased in February 2008 for $160 million and Geocities, which it bought for $3.6 billion.
Posted In: Money, M&A & Venture Capital, Mergers & Acquisitions, Social Media, Companies, Yahoo
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