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Buy Yahoo For A Take Out

Summary

Yahoo has announced another re-org, but it could be prelude to a sale.

Yahoo has extensive Internet media assets a last-mile player could get for a very low price.

Comcast and AT&T might both be bidders.

Yahoo (NASDAQ:YHOO) is going after another re-org, but it may really be time to be looking at a sale.

Since becoming CEO in June, 2012, Marissa Mayer has returned enormous amounts of capital to shareholders, but has made no big acquisitions since buying Tumblr in 2013 for $1.2 billion.

She has made deals, dozens of deals, but most have been acqui-hires, tech add-ons or small e-commerce plays. They have not moved the needle. Yahoo remains today what it was when Mayer came on board, an Internet media player. A lagging Internet media player, in a winner-take-all world.

What Mayer can offer, beyond the stake in Alibaba (NYSE:BABA) that is now being spun out and the stake in Yahoo Japan, is an Internet media and advertising company that most analysts currently value at zero. Her credibility on Wall Street, in Silicon Valley, and even...


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