Shake On It

Yahoo Sells Back Stake in Alibaba

After years of back and forth, Web giant Yahoo has agreed to sell back its a portion of its shares in the Chinese Internet company for $7.1 billion. Yahoo will dump half of its 40 percent holding of Alibaba Group after years of negotiating. The deal is set to make money for Yahoo shareholders, as Alibaba is currently valued at $35 billion, but could rise significantly. Yahoo will use the deal to buy back a large number of shares in an attempt to revive its flagging stock price. Ross Levinsohn, Yahoo’s interim CEO, said the deal “reaffirms the significant” relationship with Alibaba.