Yahoo is officially exploring selling itself

Oh no.
Oh no.
Image: AP Photo/Julie Jacobson
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Yahoo announced today that it has followed through on the strategic plan CEO Marissa Mayer announced on last month’s earnings call and has set up a committee to “explore strategic alternatives.”

Yahoo has strategically hired legal and financial advisors, including Goldman Sachs and JP Morgan, to help management determine a strategic process for potentially finding buyers for the company. “The Strategic Review Committee and its advisors are establishing a process for outreach to and engagement with potentially interested strategic and financial parties,” Yahoo said in a release.

The struggling internet company announced in a strategic move earlier this week that it would be closing and consolidating some of its underperforming digital media properties, including Food, Health, Parenting and Autos, among others. It also closed its original video content creation hub, Yahoo Screen, at the end of 2015, which was supposed to be one of Mayer’s strategic pillars for the recovery of the company.

In the 357-word statement, Yahoo mentioned “strategic” things 13 times, but didn’t give any indication as to what that strategy might be. In the release, Mayer said, unsurprisingly, that everyone is strategically working to turn the company around. “We can best achieve this by working with the committee to pursue various strategic alternatives while, in parallel, aggressively executing our strategic plan to strengthen our growth businesses and improve efficiency and profitability,” she said.

But what strategy Yahoo and its new board of strategic advisors will strategically decide upon remains a mystery for now. ”The Company does not intend to make any further disclosure regarding these matters until a definitive transaction agreement is reached or a determination has been made that none will be pursued,” Yahoo said.

Yahoo’s stock was up about 2% on the news at the time of publishing. Strategy.