updated - July 13, 2020 Monday EDT
Yahoo!, Inc. will not be pushing through with its spinoff of its stake in Alibaba Group Holding Ltd., sources have told CNBC. The company would instead examine a deal that would involve its core business and its stake in Yahoo Japan.
Yahoo Inc. has hired McKinsey & Co., a global management consultant firm, to help the company, people close to the situation told Re/code. The consultant firm will help Yahoo decide on which unit will it shutter, sell or invest more in.
Square, Inc. has hired Jackie Reses, the current chief development officer of Yahoo! Inc., to lead the company’s business financing service Square Capital, according to a news release issued by Square. The move deals a big blow to Yahoo! as it loses another top executive.