(Reuters) – Yahoo plans to add retail stock trading and enter new commerce and transaction businesses such as sports betting in a move to boost its revenue, news website Axios reported on Tuesday citing an unnamed company source.
The owner of websites such as Yahoo Finance, Yahoo Sports and TechCrunch generates around $8 billion in revenue annually, the report said.
Private equity firm Apollo Global Management, which owns Yahoo following a $5 billion buyout last year, did not immediately respond to a Reuters request for comment.
The report comes a day after Yahoo said it will buy nearly 25% of Taboola.com Ltd and become its largest shareholder, allowing the online advertising company to exhibit paid content on the web portal’s many sites.
The 30-year partnership, which is expected to generate $1 billion in annual revenue, marks a big bet on digital advertising by internet pioneer Yahoo at a time when industry giants from Alphabet-owned Google to Meta Platforms Inc are struggling with an inflation-driven downturn in ad spending.
(Reporting by Tiyashi Datta in Bengaluru; Editing by Krishna Chandra Eluri)
