"Yahoo! Inc, a leading global Internet company, today announced a reorganization of its structure and management to align its operations with its key customer segments -- audiences, advertisers and publishers -- and more effectively leverage Yahoo!'s significant strengths to capture future opportunities for growth," says Yahoo's press release.
Terry Semel, Yahoo's chairman and CEO, tries to explain what it means, without actually mentioning the elephant in the room. Fact is, Google's shares are up to around $500 while Yahoo's have sunk below $30. Google has a licence to print money, and Yahoo doesn't.
There are big reports in The New York Times and the LA Times, among others.
The main loser seems to be Lloyd Braun, "who joined Yahoo two years ago with ambitious plans to develop original programming for the Internet from a base in Santa Monica, Calif. He scaled back his plans after run-ins with Yahoo's management ... over budgets," says The New York Times. According to the LA Times:
Braun said his resignation was not prompted specifically by the restructuring. "I accomplished most of my goals in coming here," he said. "I'm really ready for another challenge, perhaps one that combines old media and new media."
Comment: Have we said goodbye to the idea of Yahoo becoming a major source of programming, like a Web-based TV channel? Did anybody care?
