Reuters break news of Yahoo's deal with Alibaba over online payment business
05.31.2011
Reuters was first to report on May 31 that Yahoo had reached an agreement with Chinas Alibaba Group over its transfer of online payment system, Alipay, to Chief Executive Jack Ma. The Reuters story sent Yahoos shares up 3.5 percent and comes after escalating tensions between Alibaba and Yahoo, which owns 43 percent of the Chinese company. Yahoo is still mulling a number of options, including the separation of its entire Asian businesses, including Alibaba, Reuters reported. Multiple investors called the newsroom to seek more information, and the story was mentioned in BofA Merrill Lynch and other brokerage reports the next day. Our major competitors were forced to match the story or pick up the article, including the Wall Street Journal, Dow Jones, Bloomberg, CNBC, Businessweek, Barron’s, Forbes, the New York Times and the Huffington Post.
