✎ Just do it ✎



Exclusive: LeEco acquires Yahoo’s Santa Clara land for $250M

Chinese tech company LeEco has completed the acquisition of Yahoo’s nearly 50-acre development site in Santa Clara, a prelude to an ambitious growth strategy as it ramps up its North American R&D operations.

Read more:

Here’s What Happened To All 53 of Marissa Mayer’s Yahoo Acquisitions

Yahoo, the once-vaunted internet giant, is in shambles. Its revenue is in decline. Its shareholders are crying foul. Its prized public faces are scrambling for an exit, and the company has laid off 15 percent of its workforce.

Read more:

Yahoo Reportedly Selling Huge Silicon Valley Site To Chinese Firm

Yahoo (YHOO)  has reached a deal to sell a 48.6-acre undeveloped site in Santa Clara, Calif.,  near the heart of Silicon Valley and four miles from the company’s Sunnyvale headquarters, to Chinese tech firm LeEco, according to the Silicon Valley Business Journal.

Read more:

Secrets of the Yahoo Sale ‘Book’ Reveal Financial Meltdown and Big Bet on Mobile Voice Search

According to some pages from the “book” that Yahoo bankers have given out to prospective buyers, the financial situation at the Silicon Valley Internet giant is becoming increasingly dire. While I cannot show the documents I have obtained, Re/code has gotten access to them.

Read more:

Yahoo exploring sale of $1 billion-$3 billion in ‘non-core assets’: CFO

SAN FRANCISCO Yahoo Inc (YHOO.O) is exploring the sale of $1 billion to $3 billion of patents, property and other “non-core assets,” its chief financial officer said on Thursday.

Read more:

According to multiple reports, there are now seven bidders for Hulu, including

  1. pay TV operators DirecTV
  2. Time Warner Cable
  3. private equity firms KKR
  4. Guggenheim Digital
  5. The Chernin Group
  6. Silverlake Partners (along with talent agency William Morris Endeavor)
  7. Yahoo

Screen Shot 2013-05-27 at 9.41.24 AM

A good portion of its viewers pay to watch because Hulu is the only place where they can stream broadcast content online or on a mobile device or connected TV. And they might not pay if they can find their favorite shows elsewhere.


Jennifer Dulski

President & COO at

Archetype 1: The Advisor
Behind any good Advisor is an ability to distill life lessons into short, memorable soundbites. To find your Advisor, seek out people who excel at things you want to learn, and ask for guidance.

Archetype 2: The Role Model
The Role Model mentors by doing. To find a Role Model, look for someone who’s living the life you envision for yourself. Then ask them how they did it.

Archetype 3: The Listener
In a world of rapid-fire texts, Tweets, and chat messages, there’s something so unexpectedly fresh and welcome about a real Listener. Seek out someone who’s not afraid to try to “get inside your head” by asking probing questions, as a good Listener has a voracious appetite for understanding, and can make you better because of it.

Archetype 4: The Motivator
The motivator maintained an incredibly high level of energy that left people feeling excited to get back to work. To recognize a motivator, look out for someone who reminds you of your greater purpose. You’ll likely leave conversations with a Motivator feeling energetic and empowered.

Archetype 5: The Achiever
Ultimate Achiever setting a high bar for himself and for his team. The pressure to accomplish greatness can be overwhelming – but if you embrace it, that pressure can push you to a level beyond what you think it possible. It’s easy to identify an Achiever mentor: look for the people who set high standards for themselves and who push you beyond your comfort zone. And, instead of pushing back against their high expectations out of fear of failure, try to live up to them. You might be surprised at what you can accomplish.


“Growth in the consumer tech industry always starts with traffic,”

She added that buying Tumblr instantly boosts Yahoo’s user base by 50% to 1 billion, and Web traffic by 20%, “which is really heartening.”

Yahoo will pick up around 90 software engineers from Tumblr. Web companies often pay $1 million per engineer during a transaction.


  1. The One-Person Product
  2. Tumblr. + Yahoo! = !!
  3. News!

Facebook 即將上市,NYT 當年這樣評論 Facebook 的未來

Consider Facebook, the popular but financially unproven social network, which is reportedly being valued by investors at up to $15 billion. That is nearly half the value of Yahoo, a company with 38 times the number of employees and, based on estimates of Facebook’s income, 32 times the revenue.

-New York Times (2007)

Facebook即將上市,MG Siegler – Techcrunch Blogger兼CrunchFund創辦人之一,將07年NYT的報導翻出來,恥笑。




重點是,即使到今日,NYT記者的論點 “Facebook is financially unproven”,其實依然成立。

Silicon Valley’s math is getting fuzzy again (parislemon)



傳統的聖誕旺季,今年的消費也計大不如前,預計訂單減少,不少公司趁現在減省成本,受到offline世界牽連,向來積弱的Yahoo雖不致於關門大吉,楊致遠發信給員工,表示即將裁員1成,大約1400人左右。有趣的是,一般企業裁員不會預報,上午收到大信封,立即收拾細軟,下午已經人去樓 空。



那邊廂,Eric Schmidt說:「It’s a race between a contraction in advertising, which would affect everybody, and a very positive shift from offline to online.」早兩年的收購遊戲Google玩夠了。由於經濟步入嚴冬,從今日起, Google雖然沒有計劃裁員,將更審慎使錢,聘請員工的速度會減慢,像YouTube那種大型收購不再容易出現。



終於,Steve Ballmer放棄了跟Yahoo糾纏下去,宣佈撤銷收購。可以想像,Yahoo的股價馬上就要崩潰。



較早時候,Microsoft曾考慮計劃運用3千萬美元預算,設立proxy fight來對抗yahoo管理層。只不過,今次Microsoft留下重回談判桌的伏線,講明將不取採敵意收購。最主要的原因,可能就是Microsoft知道敵意收購的勝算不高,而且proxy fight一旦開始了就是拖時間的訴訟期,到頭來需要和解,還不外乎又是出價。

要知道,用Ballmer 致電楊致遠那天起的Yahoo收市價及Microsoft最終33美元收購價計算,Yahoo股東們本應得到逾70%的premium。再說,Yahoo沒有制訂長遠策略的能力,楊致遠為「抵抗」Microsoft的收購,不惜宣佈試驗以Google Adsense取代自家的Panama,形同斷送Yahoo的前程,網友更在思哲博客留言說:「Google才是Yahoo最大的敵人啊,飲鴆止渴,悲哀!



May 3, 2008

Mr. Jerry Yang
CEO and Chief Yahoo
Yahoo! Inc.
701 First Avenue
Sunnyvale, CA 94089

Dear Jerry:

After over three months, we have reached the conclusion of the process regarding a possible combination of Microsoft and Yahoo!.

I first want to convey my personal thanks to you, your management team, and Yahoo!’s Board of Directors for your consideration of our proposal. I appreciate the time and attention all of you have given to this matter, and I especially appreciate the time that you have invested personally. I feel that our discussions this week have been particularly useful, providing me for the first time with real clarity on what is and is not possible.

I am disappointed that Yahoo! has not moved towards accepting our offer. I first called you with our offer on January 31 because I believed that a combination of our two companies would have created real value for our respective shareholders and would have provided consumers, publishers, and advertisers with greater innovation and choice in the marketplace. Our decision to offer a 62 percent premium at that time reflected the strength of these convictions.

In our conversations this week, we conveyed our willingness to raise our offer to $33.00 per share, reflecting again our belief in this collective opportunity. This increase would have added approximately another $5 billion of value to your shareholders, compared to the current value of our initial offer. It also would have reflected a premium of over 70 percent compared to the price at which your stock closed on January 31. Yet it has proven insufficient, as your final position insisted on Microsoft paying yet another $5 billion or more, or at least another $4 per share above our $33.00 offer.

Also, after giving this week’s conversations further thought, it is clear to me that it is not sensible for Microsoft to take our offer directly to your shareholders. This approach would necessarily involve a protracted proxy contest and eventually an exchange offer. Our discussions with you have led us to conclude that, in the interim, you would take steps that would make Yahoo! undesirable as an acquisition for Microsoft.

We regard with particular concern your apparent planning to respond to a “hostile” bid by pursuing a new arrangement that would involve or lead to the outsourcing to Google of key paid Internet search terms offered by Yahoo! today. In our view, such an arrangement with the dominant search provider would make an acquisition of Yahoo! undesirable to us for a number of reasons:

• First, it would fundamentally undermine Yahoo!’s own strategy and long-term viability by encouraging advertisers to use Google as opposed to your Panama paid search system. This would also fragment your search advertising and display advertising strategies and the ecosystem surrounding them. This would undermine the reliance on your display advertising business to fuel future growth.

• Given this, it would impair Yahoo’s ability to retain the talented engineers working on advertising systems that are important to our interest in a combination of our companies.

• In addition, it would raise a host of regulatory and legal problems that no acquirer, including Microsoft, would want to inherit. Among other things, this would consolidate market share with the already-dominant paid search provider in a manner that would reduce competition and choice in the marketplace.

• This would also effectively enable Google to set the prices for key search terms on both their and your search platforms and, in the process, raise prices charged to advertisers on Yahoo. In addition to whatever resulting legal problems, this seems unwise from a business perspective unless in fact one simply wishes to use this as a vehicle to exit the paid search business in favor of Google.

• It could foreclose any chance of a combination with any other search provider that is not already relying on Google’s search services.

Accordingly, your apparent plan to pursue such an arrangement in the event of a proxy contest or exchange offer leads me to the firm decision not to pursue such a path. Instead, I hereby formally withdraw Microsoft’s proposal to acquire Yahoo!.

We will move forward and will continue to innovate and grow our business at Microsoft with the talented team we have in place and potentially through strategic transactions with other business partners.

I still believe even today that our offer remains the only alternative put forward that provides your stockholders full and fair value for their shares. By failing to reach an agreement with us, you and your stockholders have left significant value on the table.

But clearly a deal is not to be.

Thank you again for the time we have spent together discussing this.

Sincerely yours,

Steven A. Ballmer
Chief Executive Officer
Microsoft Corporation


The only thing that saves us from the bureaucracy is its inefficiency. ─ Eugene J. McCarthy




Google的技術主管Sergey Brin和產品主管Larry Page,在架構上,二人皆在Eric Schimdt之下。反之,Yahoo技術主管兼創辦人David Filo,非但跟大權在手的Sue Decker互不從屬,架構上他甚至要比Decker還高半級。至於Microsoft,自從Bill Gate退下來,Steve Ballmer沒有連同技術部門一併吞噬,因為本身多次成功創業的Ray Ozzie,被Gate選中,接替當總程式設計師,在架構上能與Ballmer平起平坐。


還有一個有趣的發現:生產Blackberry手機聞名的Research In Motion,原來本身並沒有Research的部門。



A bad agreement is better than a good lawsuit. ─ 意大利諺語



Yahoo!現在的所謂Starting Point Objective,也就是要上網的人以Yahoo!作為首頁,根本不是一個甚麼策略。改改首頁,只不過是幾個Click的距離。難道楊致遠真的認為,網民真的十年如一日?








Yahoo!和Microsoft門當戶對,雙方既是不同時代的象徵,由去年Project Panama雙方開始拍拖,至今談婚論嫁,更開宗明義是要令Google難為,正路是頭條的材料,可惜浸淫在後現代的情慾橫流之中,都成了花邊新聞。


Microsoft娶了Danger,Inc.,並會將它安置在Entertainment & Devices,也就是搞Xbox和Zune的那一房;而Danger推出的Sidekick,在美國有不錯的Buzz,正好為人丁單薄的這房喜。











相反,協助Google號令天下的Search Advertising市場,Microsoft和Yahoo都是輸家,兩個輸家加在一起也還不過是輸家,Google要是諸葛亮,當然不用害怕兩個合縱的輸家。








整件事,最讓思哲失望的,倒是他們Chief Legal Officer的一席話,Google法律發言人David Drummond認為:「Microsoft惡意收購Yahoo!,將Microsoft的壟斷從桌面伸延到互聯網,不是普通的財技併購。」

首先,以上的語調,絕對不會在強者口中說出。想當年Microsoft推出搜尋產品AdCenter,Google一派強者本色地說:「There’s been nothing that’s announced that makes me want to change what we do.」到了今天,竟淪落至打出壟斷牌,難道他們真的怕了Microsoft不成?









2004年3月,Microsoft的Steve Ballmer公開表示,後悔沒有投放更多資源自發研製搜尋技術,並決定,往後12個月內,微軟全力發展並要推出自家的搜尋產品。同一個月,Yahoo!亦正式宣佈放棄使用Google搜尋技術。





直至幾日前,Jerry Yang宣佈了令員工失望的消息:裁員1000人。當守得雲開的Yahoo!股東正在開香檳之際,Sue Decker和Jerry Yang也正在開會研究收購建議的時候,最悶悶不樂的,該是等被開刀的員工了。



– 出價446億美元(每股31美元)
– 半現金加半股票
– Microsoft稱協同效應每年10億美元
– 07年二月Yahoo!曾去信Microsoft洽商

成份Press Relsease最正莫過於以下呢句:

Today this market is increasingly dominated by one player. Together, Microsoft and Yahoo! can offer a competitive choice









Create a website or blog at

Up ↑

%d bloggers like this: