Chinese Net giant Alibaba has just agreed to pay Yahoo $7 billion for half of Yahoo’s stake in it–that leaves Yahoo with just a 20% stake in Alibaba and, after taxes, could net the U.S. firm around $4 billion. The deal had been rumored for a short while, but has now been confirmed as both firms agreed to the terms of the transaction. Yahoo bought its stake in 2005 for just $1 billion, meaning it’s a considerable return on investment. The deal comes in the wake of a controversy that saw former CEO Scott Thompson resign for personal health reasons after being embroilled in a media fuss about a falsified resume and after a period of mediocre performance and slipping market share for the once-giant firm.
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