SpringOwl Activist Presentation Deck
Potential Buyers Of Yahoo Core?
▪ We strongly believe in the future of Yahoo Core as a stand-alone business
■ If private equity is interested in buying it, you know that there is going to be an immediate wealth transfer from public
market investors to private equity LPs or strategics
▪ That said, if necessary, we believe there would be a long list of strategic buyers for Yahoo Core, as the recent buy of
AOL by Verizon shows
▪ We believe the list of potential buyers eager to buy the last remaining beachfront property available among digital
■
assets would include:
AT&T
Comcast
Verizon
Disney
Fox
●
Any of these discussions will have to be held in concert with SoftBank and Alibaba, which is partly why we believe
someone like a Liberty would be a particularly helpful advisor here
Source: Spring Owl Asset Management LLC
SpringOwl!
Asset Management LLC
Confidential | For Discussion Purposes Only | 89View entire presentation