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Bloomberg: AOL's Armstrong leading early talks about Yahoo asset bid

Feb. 08, 2016 3:29 PM ETVerizon Communications Inc. (VZ) StockAABA, VZBy: Jason Aycock, SA News Editor10 Comments
  • AOL chief Tim Armstrong is the point person as Verizon (VZ -0.7%) explores a bid for assets at Yahoo (YHOO -4.3%), Bloomberg reports.
  • Discussions aren't far along and Verizon hasn't hired any bankers, but Armstrong is the one leading preliminary discussions, sources said.
  • Another source said Armstrong was picking up on conversations he had with Yahoo CEO Marissa Mayer at the Sun Valley media conference in 2014 -- before AOL was bought by Verizon, but while he was exploring the idea of combining AOL and Yahoo. The two are both former Google executives.
  • Armstrong has had a fairly free hand to run AOL as an independent advertising/media business at Verizon, and he also ran point on Verizon's $248M purchase of Millennial Media last year -- another company with which the independent AOL had begun tie-up talks.
  • Yahoo has dipped today, -4.3%, to a new 52-week low of $26.48.
  • Previously: Verizon confirms interest in buying Yahoo (Feb. 08 2016)
  • Previously: Bain and TPG reportedly eyeing Yahoo; shares close down 4.7% post-earnings (Feb. 03 2016)
  • Previously: AOL closes $248M deal for Millennial Media (Oct. 23 2015)

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