Finally sold! On the evening of July 25th, Beijing time, US communications giant Verizon announced the acquisition of Yahoo for $4.83 billion.
Who can imagine that Yahoo, which has now fallen to the "selling body", has always been high, not bad, and arrogant to the startup, until Google's rise has poured a refreshing cold water on it.
In 1998, the founder of a startup company was talking about acquisitions with Yahoo. After careful preparation, he introduced Yahoo founder Yang Zhiyuan to the company's new technology, Revenue Loop, an advertising ranking algorithm that has been used by Google. But what puzzles him is that Yang Zhiyuan has a "poker face" all the way, and seems to have no interest in this endless technology.
Yang Zhiyuan
After working at Yahoo, the entrepreneur found the answer: At that time, Yahoo was in the middle of the day, advertisers saw that the website banner advertisements were cheaper than print advertisements, and they couldn’t wait to pay a lot of money. Yahoo didn’t care about one. The technology for realizing better traffic is that advertisers at the time are already paying advertising fees higher than the actual value.
At that time, Yahoo was also able to say "no" to Google. In 1998, two young Google founders, Larry Page and Sergey Brin, came to Yahoo to seek investment, and Yahoo refused. At that time, Google was just getting started. Yahoo didn't look at it, but what it didn't expect was that the gold content of search traffic would far exceed the "extensive" traffic brought by the portal in the future.
By 2002, two years away from Google's IPO, Yahoo had realized that it was inferior in search technology and began to take seriously the acquisition of Google. At that time, the CEO of Trismer and a few executives had a meeting and bought Google. It would cost all the market value of Yahoo. This is not called acquisition. It is called merger.
Later, Yahoo's situation turned sharply, and the acquisition of rumors skyrocketed. At the beginning of this year, Bloomberg also broke the news that Google also showed interest in the acquisition.
For more than a decade, Yahoo has experienced a total of eight CEOs (two interim CEOs), each with a slick resume, which was once considered a savior of Yahoo. However, many years later, they left behind just a bunch of The label of people.
"Demolition Office Director" Semel: Missing Google and Facebook , messing up two of the most promising startups
In 2001, with the departure of the first CEO TimothyKO ogle, Yahoo's decline began to appear, and at that time, the rumors that the former giant might be acquired for the first time entered the public eye.
Yahoo did not comment too much on the reason for Koogle's departure. Only one Wall Street analyst pointed out that Yahoo should find someone who is a content-based person to be a CEO, so Yahoo found Semel, who was the co-CEO of Warner Bros.
During Semel’s work at Warner Bros., the company’s revenues have increased tenfold. After coming to Yahoo, the media god who didn't even send E-mail naturally planned to turn Yahoo into a media giant. Now it seems that this is the first pit of Yahoo's entry.
As mentioned earlier, when Semel and other executives realized that they should buy Google, they could not afford it. What should we do? Semel’s Plan B is also reliable: the acquisition of Overture, a search advertising company that rivals Google at the time, and the search engine Inktomi, through integration, Yahoo will have a search advertising business beyond Google... This is of course only Semel. The beautiful illusion seen in the mirror of Eris.
Trisemel
The problem first came out of the company itself in Overture. At that time, search advertising has become a popular chicken. Overture's debut has obvious speculative mentality. The technical point is not to mention. The biggest pain point is that its review of advertisements is all done manually, and Google has already realized automatic review. As long as advertisers can follow Google's regulations, this makes Overture extremely inefficient when compared to Google.
There is also a stalk. Overture's biggest customer was Microsoft, which was also trying to get involved in search advertising, and Microsoft's existence at the time was like Google+Facebook+Amazon.
Semel is afraid in his heart, and speculates that if Yahoo’s move angers Microsoft, Overture’s revenue will plummet. As a result, the defensive CEO, who was unwilling to lag behind, announced that he would make Overture independent and privately step up the integration of the Overture team into Yahoo.
Because there is no clear "programme of action", the bosses of the two companies are arguing over the issue of Overture independence. In the first year after the acquisition, Yahoo fired several Overture executives. The Overture CEO was bureaucratic. The company's decision to launch new functions and budget was subject to approval by one committee after another.
Semel made the first company he bought. In 2002, Overture search advertising revenue was twice that of Google. When it was acquired by Yahoo in 2003, it was the same as Google. Two years later, Google’s search advertising revenue was 2.5 times that of Overture.
Semel’s second story is equally sad.
In 2006, Zuckerberg under the pressure of internal and external difficulties, on a board of directors in front of everyone to tear up Yahoo's agreement, Yahoo's acquisition plan declared bankruptcy. Then, just like the time when Google was frustrated, Yahoo turned its guns and aimed at Flickr, which is easier to get started with.
Yahoo is still a capital failure in the integration of the Flickr team. Flickr had to “spend a lot of time communicating with the company's development team and defending our decisions†because of product misconceptions, ignoring innovation, a former Flickr member said. As a result, the smash hit Flickr missed the localization, live broadcast, mobile and other winds, and eventually lost the "life root" of the social market.
After successively "demolition" of two promising startups, Semel also had to step down.
Overbearing female general "cut" Bartz: layoffs like underground activities
Probably because of the succession of Yahoo, Yahoo finally had the feeling of "buy it". By the third CEO, Yang Zhiyuan, Yahoo has lost its momentum and began to focus on internal finishing, which is simply to lay off employees to save money.
In 2008, Yahoo under the leadership of Yang Zhiyuan laid off 1,600 people, but this cut, but also cut his own work. It turned out that Microsoft had proposed to acquire Yahoo, but Yang Zhiyuan, as a founder, had some complex feelings and eventually refused Microsoft. This move angered the board of directors and became the trigger for Yang Zhiyuan to be forced to resign.
Not waiting for everyone to breathe, the fourth CEO, Carol Bartz, announced that he would lay off 675 people, which is equivalent to 5% of Yahoo's total workforce.
Bartz is a rather embarrassing woman (the following words are "beautification translation"). In the 14 years of the software company Autodesk as CEO, the company's annual revenue has increased five times, and the stock price has increased by 20% annually. When she first arrived at Yahoo, she released her words: "This company should make some places breathable" and "have to kick off some people."
Carol bats
But what is even more frightening for Bartz is that her layoff plan will always be like a terrorist act of underground organization plotting. “The original free-flowing information is now stagnant, and anxiety is spreading up and down the company,†a Yahoo employee said in an interview with Reuters. But for the employees who leaked to the media, Bartz screamed that he would "kick to Mars."
In 2011, Yahoo’s board of directors fired Bartz on a phone call. Later, Fortune magazine published an interview with Bartz. In the interview, she yelled at Yahoo's board of directors as "stupid" and also said that she was "utilized by the company."
"Cheats CEO" Thompson: Write a resume and fake
After a temporary CEO, the sixth CEO, Scott Thompson, took over. The magic of this CEO is that he not only did a few things that let Yahoo lose face, but also made himself a ruin.
In April 2012, Thompson continued the "consistent style" of previous CEOs and announced that it would lay off 14,000 people, which is equivalent to 14% of Yahoo's total workforce. Many Yahoo executives have been frustrated, and they have quietly checked their luggage and left without waiting for layoffs.
At the same time, Yahoo sued Facebook for 10 patent infringements related to online advertising, who knows that Facebook has a slap in the face and counterclaimed Yahoo infringement. The famous science and technology journalist Kara Swisher commented that this is basically equal to "Facebook swears a 'Loser' in front of Yahoo." In the end, the lawsuit ended with a reconciliation and strategic cooperation.
However, the event that really became the last straw to overthrow Thompson is probably academic fraud. When Thompson first came to power, an investor named Dan Loeb wrote a letter to Yahoo's board of directors, saying that Thompson called himself "having a bachelor's degree in accounting and computer science" is nonsense. In fact, he only studies accounting. Colleagues also questioned the employability of Yahoo's board of directors.
The spurred Yahoo! board of directors then launched an investigation and finally announced that Thompson really only had an undergraduate degree in accounting. The defeated Thompson was expelled from the board, and after the temporary CEO took over, Thompson ended his 130-day CEO career.
Scott Thompson
Buy and buy non-stop Mei Jie: After doing the App, I bought a Tumblr for Xiao Huangwen.
Finally, it was the turn of the eye-catching Mei Jie, and Yahoo was far behind in the wave of mobile internet. To be honest, Marisa Mayer is well aware of Yahoo’s gap on the mobile Internet. She said at the first public conference call after her successor that Yahoo is going to succeed, “it must become a main business. Mobile business company".
Whisper has users who confess that they can use Tumblr to read content during business hours.
But unlike Google and Apple, Yahoo is neither a mobile operating system nor a widely used mobile browser. It is too late to get the advantage of Apple and Facebook, so Meyer decided Focus on the areas where she still has the hope to control: the mobile app.
But as everyone knows, Meyer's app can be described as a slap in the East, without any focus, and ultimately did not make any results. At this time, Yahoo's "do not make a buy" gene has begun to play a role. At Mayer's appointment, Meyer contributed at least 11 acquisitions with a total price of $2.2 billion, the largest of which was Tumblr, which Yahoo acquired for $1.1 billion.
Compared with her predecessor Semel, Meyer's problem is not in the integration of the team, she can only say that she has looked at Tumblr from the beginning. Tumblr's user base is not small, but most of these users come from the PC; and even more embarrassing, many of the content on Tumblr is not "brand friendly", a lot of traffic comes from NSFW (Not Safe for Work, work time is not suitable Watch) Content, which big customer is willing to let their brand meet these huge low content?
Marisa Mayer
Of course, Yahoo is also trying to fix it. However, it is too late, and the market has lost confidence in Tumblr and Yahoo.
In the end, who opened the Yahoo classic car to the "second-hand market"? Is Meyer, or Semel? It seems that it is hard to say. A company that has not had a bright spot for many years, a group of CEOs who have no special contribution, finally presented a humanistic drama for more than 10 years.
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