Yahoo!의 CEO인 제리 양(Jerry Yang)이 아래외 같이 장문의 편지를 주주들에게 보냈다고 하는군요.
흠... 저도 야후! 주식이 있었으면 편지를 받았을까요? 주식이나 사 놓을 것을...
정말 몇년 전만해도 인터넷=야후 였습니다.
구글이라는 무한 증식의 괴물이 나타나기 전까지 야후는 그 자체가 인터넷을 의미하는 것이었죠.
그만큼 구글(Google)이 너무가 강한 무한 증식의 괴물이라는 사실일지도 모르죠.
그 어떤 기업도 현재 상황에서는 이겨낼 수 없는 상황이 현재의 정확한 상황인지 모르죠.
그냥 붙어 있는 것 같지는 않다는 생각이 듭니다.
M$가 아닐지...
MS에는 MS!가 아니라 MS?가 어울릴지 모르겠군요.
Dear Stockholders,
On February 1, 2008, Microsoft made an unsolicited proposal to
acquire your company. As much has been reported in the press recently,
I wanted to reach out to you personally to let you know why your Board
of Directors, after a careful review by Yahoo!’s management along with
our financial and legal advisors, believes that Microsoft’s proposal
substantially undervalues Yahoo! and is not in the best interests of
our stockholders.
Most importantly, I want you to know that your Board is
continuously evaluating all of Yahoo!’s strategic options in the
context of the rapidly evolving industry environment, and we remain
committed to pursuing initiatives that maximize value for all our
stockholders.
We have a unique combination of strengths
– Yahoo! is one of the most recognizable and admired brands in
the world. We have over 500 million users (nearly 1 out of every 2
internet users worldwide). In the U.S., we are # 1 in many of the most
used online services including personalized home pages, mail, news,
music, shopping and travel. Because we have leadership positions in so
many indispensable online services, users spend more time on Yahoo!
sites than anywhere else online.
– Yahoo! is an attractive partner for marketers. Yahoo! is #1 in
online display advertising, which represents 90% of the advertising
inventory on the web, and we are also a leader in search marketing and
a pioneer in the growing fields of mobile advertising and online video
advertising. Through Yahoo!, advertisers can now connect with consumers
on our owned sites as well as those of our growing network of partners
including eBay, Comcast, AT&T, a consortium of over 600 newspapers,
Forbes.com, Cars.com, WebMD and more.
– Yahoo! has the financial flexibility to execute our plans,
thanks to our healthy cash balance, which exceeded $2 billion as of
December 31, 2007, and our substantial operating cash flow, which we
expect to grow double digits in 2009.
– Yahoo! has made important investments in our core computing
infrastructure enabling us to dramatically increase the speed of our
search engine updates even while handling vast and growing quantities
of data.
– In addition, we have the added value of our substantial,
unconsolidated investments in Japan and China. We have substantial
positions in Yahoo! Japan, the leader in its market, and Alibaba, which
is strongly positioned in China, a market with enormous growth
potential.
These assets–our brand and its audience, our relationships with
marketers, our financial strength, our technology, and our strategic
investments–are the core of our value and our leadership position in
the industry.
We have a huge market opportunity - and are uniquely positioned to capitalize on it
The global online advertising market is projected to grow from
$45 billion in 2007 to $75 billion in 2010. And we are moving quickly
to take advantage of what we see as a unique window of time in the
growth - and evolution - of this market to build market share and to
create value for stockholders.
We are executing our strategy - and making headway
We have taken significant but disciplined steps to refocus our
business on our objectives to become the starting point for the most
consumers and the must buy for the most advertisers and enhance
Yahoo!’s long-term performance.
Starting Point Objective: Our goal is to grow visits to key
Yahoo! starting points and properties, where users enter the Internet,
by 15% per year over the next several years. We are the most visited
site in the U.S., and we continue to grow - we experienced double-digit
growth in U.S. users in 2007 on our Yahoo.com home page.
In addition to traditional starting points on the PC - including
our home pages, mail, My Yahoo! and search, we are particularly excited
about our growth prospects in mobile, the biggest emerging starting
point in the world. Globally, there are twice as many users of mobile
devices as users of personal computers, and mobile advertising is
projected to grow substantially in the coming years. We have an
important competitive edge as the number one mobile destination in the
U.S., and we are building a superior mobile experience for Yahoo! users
globally so we can further capitalize on this opportunity.
Must Buy Objective: We are working to make online advertising
easier and more effective for marketers, opening up new ways for them
to connect with consumers. We’ve successfully completed the global
roll-out of our search marketing system, Panama, which improved the
search experience for our users, boosted returns for our advertisers,
and increased revenue for Yahoo!. Last year, we bought Right Media, an
exchange that enables buyers and sellers of online advertising to come
together. Another 2007 acquisition, Blue Lithium, brings us
best-in-class performance marketing capabilities, complementing
Yahoo!’s existing offerings for advertisers. We also integrated our
search advertising and display advertising sales forces, creating a
one-stop shop for all of advertisers’ online marketing needs. All of
these - Panama, Right Media, Blue Lithium, and our combined sales
efforts - complement and enhance Yahoo!’s existing capabilities and
will make it easier for advertisers and online publishers to buy and
sell advertising online.
We are also creating a unique and valuable network of premium
websites to serve our advertisers. We are making it easier for our
advertisers to provide interesting and relevant offers to our users by
combining advertising space on Yahoo!’s owned sites with that from a
growing group of premium partners including eBay, Comcast, AT&T, a
consortium of over 600 newspapers and many others.
As we reach more users both on our own websites and on the sites
of our premium partners, and better monetize the ad space on Yahoo!’s
owned and operated sites, we are striving to increase the percentage of
total online advertising demand we touch from an estimated 15% in 2007
to 20% over the next several years.
These key strategies will be enhanced by our adoption of new,
more open technology platforms that will encourage the development of
new applications and the involvement of third-party developers - and
help enrich the user experience.
We have accomplished a great deal in a very short time - and we are focused on building this momentum
Today, Yahoo! is a faster-moving, better-organized, more nimble
company than it was just a few months ago. We have redeployed our
resources to drive Yahoo!’s key strategic priorities - taking important
steps to streamline our organization and close down or scale back
businesses that don’t support these critical growth initiatives. The
fact is that we are well on our way to transforming the experiences of
Yahoo!’s users, advertisers, publishers and developers - an important
shift that is at the heart of our plan to create stockholder value.
I want you to know that the Yahoo! Board of Directors and
management team remain committed to pursuing initiatives that maximize
value for all our Yahoo! stockholders. This is a great company and we
are moving quickly to make it even better.
Jerry Yang
이올린에 북마크하기
이올린에 추천하기