Murdoch backs off
Web 2.0
11 March 2008
Rupert Murdoch has backed off from News International's possible takeover of Yahoo!.
The internet company is currently the target of an offer from Microsoft but hoped to join with the Murdoch-owned social network, MySpace.
"We're not going to get into a fight with Microsoft, which has a lot more money than us," Mr Murdoch, chief executive of the media company, told investors at the Bear Stearns media conference.
He went on to praise Google, which handles advertising on MySpace.
"We're very happy to be in the Google camp. They sell our search advertising and pay us well for it," he added.
The offer from Microsoft is currently set at £23 billion and Yahoo! is facing five lawsuits, which argue it has acted illegally in rejecting the deal.
The cases were brought because having rejected the offer, the company is accused of ignoring its duty to its shareholders.
To make more money from your website
CALL US NOW ON 01483 740800.
