Yahoo to shut Yahoo Finance Vision
CBS.MarketWatch.com June 25, 2002
SAN FRANCISCO (CBS.MW) -- Faced with a weak advertising market and a slow ramp-up in high-speed Internet access, Yahoo is discontinuing its online financial channel, Yahoo Finance Vision, and Yahoo Radio.
Yahoo Finance Vision, which launched in March 2000 and was billed as the first online TV network, informed the employees on Tuesday, according to a Yahoo spokesperson. Fewer than 30 employees were affected and they are expected to be reassigned to other Yahoo divisions.
The move is part of Yahoo's goals to refocus its resources on its core strength as part of its commitment to work towards profitability.
This strategy was outlined at Yahoo's Analyst Day held in November of last year. At the time, Yahoo said it would look at all divisions, including Yahoo Finance Vision.
Yahoo (YHOO: news, chart, profile) is still committed to the broadband space. Later this summer, it's offering its co-branded high-speed access service with SBC Communications.
But it's quite a different broadband strategy than it had when it first forayed into broadband, with the acquisition of Broadcast.com in July 1999.
Yahoo Finance Vision, designed to be an interactive streaming news site with continuous programming, was then launched a year later using the streaming and technical expertise from Broadcast.com.
The division was the only one within Yahoo to create its own programming.
But it was never Yahoo's intent to get into original programming, but rather to present video content that was easily accessible on the Web, according to the Yahoo spokesperson. Yahoo said it would continue to work with the best-of-breed content providers to provide the best content available.
Yahoo Finance Vision does not break out its traffic or its financials. Yahoo Finance will not be affected and will provide streaming news from other providers.
On April 10, Yahoo reported its sixth straight quarterly loss.
Yahoo stock lost $1.36 Tuesday to close at $13.72.
Bambi Francisco is Internet editor of CBS.MarketWatch.com, based in San Francisco.
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