Verizon Communication Inc earlier this year was looking for prospective buyers for Verizon Media’s Yahoo Finance, which is one of the few and most popular internet destinations people approach first for portfolio management tools and financial news, reported Reuters last week, citing anonymous sources.
Verizon Communication remained overhauling its media division which was previously known as Oath and recently given a new name of Verizon Media, but still in the process the U.S. wireless carrier was also busy quietly seeking buyers for Yahoo Finance and has never adopted the way of an official sales process for the same.
The company recently concluded its quest without coming near to any success, said the sources with request of anonymity as the discussions were private.
Yahoo came out to be the most important part of Verizon Media’s strategy to save its collection of internet assets that was dominating the media unit once but has been dropping down since late last decade.
In its statement on Thursday, Verizon Media said that it does not comment on rumors and guesses, adding that the Yahoo Finance is the essential part of Verizon Media’s strategy towards growth. Verizon continue investing expanding its audio programming, live programming and Yahoo Finance Premium, a product launched by Verizon recently.
Social media site Tumblr, news publication HuffPost and technology news sites Engadget and Techcrunch are also owned by the Verizon Media but Yahoo and AOL are the two big brands within that division.
In the midst when both value and usage of businesses in Verizon Media are largely at decline, Yahoo Finance still is the brighter spot for the unit, which was most visited business site in May leaving CNBC and Forbes behind, and this year it has an average of 100 million global monthly visitors, according to data from media analytics company comScore.
